BTC-“Ascending Channel”

1-Day Analysis:

Big Picture: Since mid-January, BTC has been trading in an ascending channel. We’re currently hanging to the channel’s bottom. If the trend is maintained, the next upward target will be in the 49,250-50,050 range. Losing this channel, on the other hand, will pave the way for a move to 38,000-37,000 in the coming sessions.

On the Upside, The day’s initial resistance is observed near 41,100, followed by the 41,600-41,700 region. If these levels are broken, a move into the resistance at 42,250, where the EMA-50 daily is visible, will be possible. This is likely to be a significant price resistance zone. However, we have a critical resistance area at 44,000-45,000 that needs to be reclaimed in order to trigger a move towards 46,250, next 48,000, and even higher.

On the Downside Massive support has been observed, ranging from 39,650 to 39,250. Price must hold this level because any daily close below it is a bearish sign. However, below this level of support, 38,800 is seen as the next support followed by 38,000 and 37,000.