BTC – “Expect Volatile Session”

12-Hour Analysis:

Big Picture: Ranges expanded as price reacted onto the support levels and gave a handsome bounce towards 41400-41600. Going forward BTC has re-test the previous resistance and turned these levels into support. Now price sustaining above 40400 could be a positive sign moving into the day. Doing so would once again open another test of 41400-41600. As quoted that there are multiple important levels that come in way before price can test 44-45k once more. One of the key levels that have immense importance is 12-Hour MA-200. This MA has acted as a major trend definer for past few years now. And this MA is currently present at 42740. If bulls can manage to turn this resistance into support now they will have a clear run towards 44-46k followed by 48-52k. Expecting volatility to continue for the day on back of FOMC event.

On the Upside, The immediate intraday resistance levels are 40400 and 40850. BTC broke above these levels earlier today, testing 41400-41600, but was unable to sustain above them, triggering intraday profit-taking. This establishes 41400-41600 as a valid strong resistance level for the day. Following that, we have a powerful level of 42740, which is MA-200 12 Hour, which is likely to behave as yet another critical level. If the price begins to hold above this level, we are likely to revisit the 44400-45050 level, which is the top of the consolidation box. At this level, expect at least some profit-taking.

On the Downside 39550 is seen as the first intra-day support. Losing intra-day support will open the next level of support at 38850. These levels are likely to act as good support. Below them lies the crucial support level of 37880. Any 3-Day based closing below this will open 35500-34000 as immediate downsides. And price sustaining below 34000 would be a red carpet invitation to aggressive bears who are then likely to expose BTC towards 32k followed by Range Lows.