BTC – “MA-200 on verge of breach”

3-Day Analysis:

Big Picture: The news of the Russian invasion triggered shockwaves over financial markets throughout the world, prompting intense panic selling for the day. BTC is challenging a closing below 3-Day MA for the first time since over 700 days now. This level is very critical for Bulls to hold, which, if breached, would unleash a new round of aggressive selling, exposing BTC to 31-28k Range Lows.

On Upside For the time being, there is a massive amount of pressure. Intraday resistance may be found between 35700 and 36000, followed by 36500 and 37100. 37100 is expected to be the top for the day. If bulls manage to break over this barrier, the next resistance is at 38800, followed by 39500.

On the Downside it’s a bad sign if the price closes the day blow 35500. However, the 34000 level is considered as the next intraday support, followed by 32950. Breaking below 32950 will very certainly lead to a test of MA-250 at 31300, which could then expose Range-Lows. Between 31 and 28k, expect significant short-coverings.