BTC-“Extreme Volatility Expected”

4-Hour Analysis:

Big Picture: Extreme volatility was observed yesterday on back of FOMC Minutes that are to be dropped today. However BTC has yet not violated the range play and is currently still trading in-between. Going forward the situation could change today due to a trigger in the FED minutes.

On the Upside 29,900-30,200 zone is seeing early rejection as a key intraday barrier. Above here, we have the 30,500-30,800 resistance level, which has been denying upside for a few weeks now. This level must be breached for a sustained upward trend to begin. Successfully breaking through this level opens the door to further gains towards 31,050 and eventually 31,850. Holding over 31,850 leads to a strong rally initially towards 32,680, followed by 33,700.

On the Downside the initial intraday support level is 29,555, followed by 29,075. Then there are lower levels of support at 28,640 and 28,200. These are quite strong support levels, but if they are broken, the price would almost surely approach 27,880 and possibly 27,475.