2-Hour Analysis:
Big Picture: In prior sessions, the price plummeted quickly, leaving indicators very oversold. Furthermore, the support range of 37000-37500 had a part as well giving rise to short-coverings. Now expect these coverings to continue towards 39700 first, followed by the 41000-41200 zone in the future. This is where bulls must overcome a big obstacle; otherwise, the next time bears return, they will aim to cleanly shatter all supports and put their sights on 35500, followed by Range Lows.
On Upside Multiple resistances will most likely act as price limiting ranges. The first level of intraday resistance is at 38975, with the second level of resistance at 39700. If we break above these levels, we will almost probably run into 40400-40800 again, which is a much stronger barrier, followed by the decisive resistance of 41200. A solid break and hold above this level might trigger a tremendous recovery to 42-44k.
On the Downside 38000 intra-day support level is considered the initial intra-day support level, followed by 37350. If this level is breached, the price will be exposed to a critical level of 36200, which must be avoided at all costs. Any hourly closings below this level are anticipated to spark a new wave of hyper selling towards 32k, followed by Range Lows. The significance of this level is due to the 3-Day EMA-200. A clean break below this would indicate that the 3-Day EMA-200 will be breached for the first time in 700+ days.
