BTC-“Channel Resistance Ahead”

1-Day Analysis:

Big Picture: Since Monday’s high, the price has been slowing down gradually due to once-again the indicators as they enter overbought conditions on the lower time frame. Despite intraday profit-taking, Bitcoin continues to transform the 50% Fibonacci levels into supports. If the bulls are successful, another run higher is likely, with the channel barrier as the next objective.

On the Upside there are a few new resistances for the sessions as price enters another consolidation phase. The session’s primary resistance are at 43,320, followed by 43,690. Above this, the next intra-day resistances are at 44,050, 44,240, and 44,440. These are intraday barriers that will cause some price congestion and partial profit-taking. Meanwhile, strength over 44,440 is anticipated to pave the door for another yearly high, initially at 44,800 then targeting 45,300 to 46,100 levels.

On the Downside the opening support for the session is 42,960. Lower-time frame quicker EMAs are also placing themselves around these levels. Therefore, the price may find some good support around this level. Meanwhile, the 50% Fibonacci retracement is positioned at 42,380, the next support mark. Bulls must maintain these levels if the current momentum is to continue; otherwise, price may enter an extended consolidation period or a deeper corrective pull-back, initially towards 41,500 to 41,400 levels.