BTC-“Converging Triangle on Daily”

1-Day Analysis:

Big Picture: Another converging triangle has been formed by BTC. The structure is converging, therefore it’s getting choppy. There are two outcomes from the break of structure: 

On Upside, 45,700 is seen as the initial resistance for the day. Price needs to break and sustain above the 46,700-46,800 mark in-order to end this consolidation and pave path towards 49,250 followed by 50,800 next.

On the Downside throughout the range, there are a number of strong supports. At 44,850, there is strong intra-day support. The EMA-200, which is based on a daily basis, protects this threshold. No session has closed below this level since this EMA was regained. Price has now tested this twice and has found a lot of support. However, a structural breakdown below 44,000 will push the price below 42,000, then 40,500.