1-Day Analysis:
Big Picture: The bulls have performed admirably in recent days, with the price rising by 33%. Furthermore, the relative strength index is at levels last seen in January 2023, indicating extreme aggression. Despite the current rise, risk management is now urged as indicators move into an excessively overbought zone where panic profit-taking may occur. Meanwhile, overall bulls remain strong as long as they maintain mid-range levels.
On the Upside the price has partially begun to persist above the 34,510 mark. However, 34,840 is now committing as intra-day resistance. Above this level, the resistance level of 37,075 stays in place and has twice prevented the price from rising any further. Both of these levels are significant obstacles for the day. Surpassing these would allow the price to rise towards 35,600, followed by the 36,600 to 37,000 range.
On the Downside at the 34,450 level, there is marginal support for the session. However, a stronger wave of intra-day supports is visible between the 33,970 to 33,670 range levels. This is where, if prices fall, there will be some substantial fresh demand, which could make way for a quick recovery. Meanwhile, getting below this support zone, the corrective drop is anticipated to extend far lower, initially towards 33,000 to 32,940 levels.
