BTC-“Bulls Eyeing Range Highs”

8-Hour Analysis:

Big Picture: Bitcoin bulls have done well so far and are looking for the liquidity seen above. Over the previous 17 days, the price has been consolidating between 44,700 to 40,250. Bitcoin is now sustaining just below the range highs, and momentum appears to be strong enough to surprise sellers once more. Meanwhile, profit-taking on strength is currently suggested, since there is still a chance that price will only be able to chase higher liquidity. A foothold above 44,700 is required for sustainable bullish continuation.

On the Upside after several efforts, the price has finally broken through the 43,415 level and is now positioned to test the resistances of 44,480 to 44,700, which are also range highs. These will be critical levels, as any deviation above them would indicate a failed breakout, however if bulls can maintain control above 44,700, the upside will proceed towards 45,650, followed by 46,400.

On the Downside 43,415 and 43,165 will now be used as intra-day supports. Price is currently successfully transforming these levels into supports, which is an important advantage for the bulls. Meanwhile, as long as these intraday supports hold, major selling activities seem unlikely. Sellers must push the price below 43,165 in order to disrupt the current trend and create some selling in the pair. The mid-point at 42,460 is the next supporting level below 43,165.