2-Hour Analysis:
Big Picture: The higher Time-Frame demand zone provided significant support and initiated a corrective reversal. Unless price reclaims some key levels on higher time frames, the macro picture remains unfavorable. On the short term, price is attempting to enter the bullish range; success would open the way to 22,700-22,850. However, a few congestion points remain before the price can display more strength.
On the Upside the initial intraday resistance mark is 21,350, followed by the EMA-100 at 21,650. Once these barriers are overcome, a clear path towards the range’s highest point of 22,800 may be observed. Going forward, this is a critical level for price to breach in order to drive further bullish excitement, which is projected to drive price to 23,700 initially, followed by 25,000 in the coming sessions.
On the Downside EMA-50 have now been transformed into support. On the shorter time frames, this is a positive sign for the bulls. The initial level of support, however, is noted at 20,850-20,700. If these supports are breached, price will be exposed to the 20,100-19,950 levels once more, with a potential test of the previous ATH support at 19798.70. Any drop below this level, on the other hand, will send the market to the negative pressure zone, which extends from 19,950 to 17,880.
