3-Day Analysis:
Big Picture: Bulls are aggressively pushing prices. Bulls have been in a hyper move since the beginning of the week and are rapidly approaching the 60,000 mark, with the previous All-Time High levels likely to be targeted in the days to come. Furthermore, the monthly relative strength indicator has entered the overbought zone for the first time since 2021.
On the Upside the bulls’ aggressiveness remains as they test the 59,080 resistance level. Given the strength and hyper aggressiveness, prices may continue to rise and reach the 60,000 mark in the next hours. This will be another psychological threshold for the bulls, since 60,000 is expected to have a significant influence on the bulls. Achieving acceptance over this level will be a significant accomplishment for the bulls, potentially driving them even more aggressively to the upside by aiming for 62,340, followed by 63,500 and 64,850 levels.
On the Downside the primary support will now occur at 58,550, followed by 57,800. On a four-hour time frame, a solid support zone has formed between 57,300 to 56,600 levels. These levels could provoke a significant reaction if tested as re-test levels. Dip entrants are likely to exploit these levels to establish fresh positioning’s.
