Big Picture: Price swings on both sides due to the volatility around the ETF’s announcement. The previous several days have been unusually volatile for Bitcoin, with major shifts on both sides generating considerable confusion among traders. Furthermore, despite such changes, price is still trading in a range. Bulls failed their previous breakout and would require a comparable breakout above the range top to assert their dominance, whilst sellers seek to drive price below the range lows to assert their dominance.
On the Upside price pushed over a couple of intraday resistances and challenged the range top levels once again. However, a similar quick rejection occurred, pushing the price back down. The session’s initial resistance is at 44,200, with range top levels ranging from 44,500 to 44,730. Strength over 44,800 will be required to re-aim for the 45,900 level, followed by 46,250 and much higher.
On the Downside 43,335 has been converted to a support level. The next support down is the mid-range, which has held very well despite the selling circumstances. The mid-range support level of 42,625 has been an important problem for sellers. In addition, there is 4-hourly EMA-200 protection immediately below the mid-point, which additionally contributing to the price. This supporting range must be maintained in order to keep the sellers at bay.