3-Day Analysis:
Big Picture: Bulls are pushing for a strong and aggressive vertical rise towards the previous all-time high. Volumes reached multi-month highs, which were last seen in January 2023. This indicates that the aggression is beginning to reappear around the high points. Although yesterday’s session saw high volatility in the final hours, however the bulls were once again able to overcome that volatility, resulting in a stronger candle close.
On the Upside price almost came into contact with the 64,850 resistance level, but just shy of this level, profit-taking pressure set in, pushing the price down. This level remains a strong resistance level; nevertheless, the session’s primary hurdle is at 63,200, followed by 63,600 and 64,050 levels. Bulls will experience tremendous upward momentum once they break above the 64,850 barrier.
On the Downside some exhaustion set in as the price approached the higher levels, which triggered a major profit-taking, resulting in the largest 4-hourly candle volume seen since August 2023. Despite this aggressive profit-taking stance, the price rarely dipped below 60,000 mark. This indicates that late entrants are particularly interested in buying opportunities. Meanwhile, the primary support for the day is at 62,400, followed by 61,520 and 60,000 psychological mark.
