BTC- “Consolidation Expected”

8-Hour Analysis:

Big Picture:BTC likely to enter choppy conditions for next few conditions as we are approaching a major resistance. Moreover it is likely to continue to grind into the key pivotal levels of 44,500-45,500. This level has acted as firm range top since early January. BTC bulls need to trigger a breakout above this challenging zone to lead the expansion phase. The expansion is likely to head towards 46,840 as first upside followed by higher levels.

On Upside there are multiple resistances that are seen in quick succession now. However, first major resistance is seen at 44,515. If BTC can break above this level then we are likely to enter the Supply zone where plenty of liquidity is seen. This level 44,500-45,500 has not been broken since early January. Expecting partial profit-taking between these levels. Going forward a breakout of this converging triangle leads towards 46,840 as immediate target followed by 48,000 and eventually 51,950.


On the Downside, the support has risen to 43,510 level now. If BTC can hold above this level then we are likely to see more upside. However break below this level once again opens re-test of 8-hour EMA-250 at 42,275. This level is likely to act as a strong support. Below this the next support levels are seen at 41,200-40,800.