8-Hour Analysis:
Big Picture: BTC is gradually grinding up to the key pivotal levels of 44,500-45,500, which are crucial for both players. Both bulls and bears are likely to fight for this zone, as it determines the coin’s future price action. Breakout above this challenging zone in the future will lead to upside expansion, with 46,840 as the immediate upside, break which opens 48,000-51,950 as the next upsides. However, if there is rejection or a failed breakout attempt, lower ranges are likely to be seen once more.
On Upside first major resistance is seen at 43,580. This level is a very strong resistance to overcome. BTC has to break this for any chances for further upside. The next key levels would be 44,400-44,690, followed by the 45,500 barrier. On the daily time scale, these are important resistances and breakout levels, so expect aggressive profit-taking around these levels. Above them, a breakout opens 46,500, followed by 48,000. Expecting volatility with aggressive price action.
On the Downside, The first intraday support level of 42,000-42,000 is unchanged. This level will provide solid support as major EMA level. Breaking this, however, opens the door to 41200. These are good levels for intra-day support. Upon violation, the next crucial intra-day support levels are 40,800 and 39,650. Expecting 39,650 to act as bottom for the day, However if breached then we have 38,800 followed by 37,550 as next support levels.
