BTC-“Bearish Bias Prevailing”

3-Day Analysis:

Big Picture: As expected, yesterday happened to be a highly volatile session and manipulative. However, going forward BTC is taking constant support from MA-200 on the 3-Day chart. Aggressive short coverings have been seen here but still no signs of fresh buying. This level is the last major support for bulls before Range-Bottom. Expect volatility to kick in for a few sessions now however bearish bias is yet stronger.

On Upside 37200 is likely to give intra-day resistance followed by 38800-39200. Stronghold above this level would establish a range of 40-41k as the next target zone for the bulls which will come across the crucial falling channel resistance

On the Downside as long as 3-D MA 200 holds 35500 level the downside can be partially protected however breach of this level would invite another spree of fresh selling that is likely to open Range Bottom at 28-30k level. To negate this scenario bulls have to at least reclaim the 40-41k level. Doing so would open a re-test of 3-D Range Mid-Point.