BTC – “Key Level Resistance Approaching”

3-Days Analysis:

Big Picture: As informed yesterday that volatility is likely to step in as we are heading towards an important level. We have seen in past that this level 40-42k has always been very reactive in nature. Losing this very level was a serious set-back to bulls. However bulls are looking to test their luck by testing and reclaiming this level. If they succeed then they will drag BTC out of aggressive selling zone and drag it back into Neutral territory. To make this happen Bulls need a convincing closing above this 3-Day massive supply and should not drop back below it in any case. If they fail then bears are likely to use this as an opportunity to trigger fresh wave of selling which is likely to re-open 37-35k initially followed by Range Lows.

On Upside 38800-39100 is a major resistance and is capping the upside. However a break above leads to intra-day resistance around 39700 region. For any further upside Price needs to stronghold above this level to open 40-42k as the next target zone for the bulls which remains to be an area of multiple important resistances.

On the Downside first intra-day support is seen at 37600 followed by 36700. 34500/35500 is currently a strong support and local bottom on lower time-frames. There is a possibility that BTC could initially re-test 38-36.5 region before spiking into 3-D Supply zone.