4-Hour Analysis:
Big Picture: Bullish patterns are more likely to produce bullish breakouts when the market is bullish. Price has seen a sustained hyper move from the bulls, rising from the 51,000 mark to 64,000 in three days. This hyper movement caused the indicators to reach exceptionally high levels, resulting in a consolidation phase while creating a probable converging triangle in the near term. The momentum is currently quite strong, and bulls could set off another round higher into the Range-Highs and even the All-Time High Levels as indicators now see some partial cooling-offs.
On the Upside following the consolidation period, a few short-term resistances arose. The initial resistance level is 62,480, followed by 62,935. Above these intra-day barriers, the next resistance levels are 63,200, 63,650, and 64,050. Once price breaks over the 64,050 mark, the upward trajectory could continue towards the Range Top of 64,850.
On the Downside the session’s primary support levels are 61,600 and 61,370. The lower-time frame dynamic levels have now begun to position themselves between these levels, providing further support here as well as in the lower ranges. The channel-based support is at 60,700, and as long as it holds, the bulls are in a favorable position. The channel support is further protected by the 2-hourly EMA-32 level.
