4-Hour Analysis:
Big Picture: Yesterday, we had an incredibly thin ranging session with a range of 39600-38800. However, this range is expected to widen between 40950 and 38200. Moreover, Price is currently nearing some big supports between 38k and 37k, so we may expect short-coverings. However, 37k is also a major level to hold, otherwise things could quickly shift in favor of bears, who will then attempt to target 35.5k and 32k.
On the Upside, the first level of resistance is around 39400, followed by 39650. Between 40700 and 40950, there is secondary intraday resistance. The next resistance levels are 41400, 42400, and 43250. Besides that, the key levels for price to break in order to establish a bullish trend are 44400 and 45500, since breaching these leads to 46000, 48000, and finally 51950.
The Downside for the day remains the same with 38800 and 38200 as initial supports. Followed by the key support level of 3-Day MA-200, which is now at 37730. Keeping in mind that this is a 3-Day support level, no session on a daily or three-day basis cannot close below 37000. If this happens, a new wave of selling is likely, exposing the price to 31950, followed by Range Lows.
