8-Hour Analysis:
Big Picture: Price is establishing a short-term converging triangle beneath the range highs. As the battle between bulls and bears takes shape, there has been considerable volatility between the range highs and the nearby support levels. Moving forward, bulls will require a sustained break above the range highs in order to extend their rally into the next key levels above. Meanwhile, sellers are still attempting to offset the growing strength.
On the Upside bulls were trying their luck above 44,000 levels, but they are having little success for the time being as price was failing to hold above the 44,000 mark. Furthermore, the resistances at 44,480 and 44,700 remain significant obstacles for the pair. Meanwhile, strength above this area could reawaken bulls’ excitement for further spikes at 45,650, followed by 46,400.
On the Downside the support levels remain intact at 43,415 and 43,165, respectively. As of now, Price has been able to convert these levels into support. Furthermore, the momentum is sustainable and has the potential to expand much further if bulls can hold these levels. Aside from this range, the next supporting level is at 42,460, the current mid-point of the prevailing range. Furthermore, the EMA-50 is almost beginning to coincide with this supportive level.
