BTC-“Expect Further Downside”

1-Day Analysis:

Big Picture: The volatility peaked, and the range expanded as projected. BTC has been steadily declining since losing a key support level of 37,630. Going forward, the bearish sentiment is likely to continue, with BTC aiming to drop even farther to the downside, exposing itself towards 33,250 and the Range lows once more. To counteract this selling pressure, BTC must regain control of 37,630 and display strength.

On Upside 36,600 is the first point of resistance, followed by 36,940. The next level of resistance is 37,200, followed by 37,630, which is the key resistance level. This level is likely to operate as a major hurdle for bulls, who are likely to find difficulty here. However, if there is any further upside potential, this level must be regained.

On Downside at the 35,500 mark, initial support is emerging. If this is lost, then price will be exposed towards lower support levels at 34,370 and 33,325. These support levels are expected to operate as good defenses, but if they are breached, then be ready for range lows at 30-28k.