1-Day Analysis:
Big Picture: Price was led into a higher-time frame breakthrough by the short-term bullish flag. The bullish momentum revived as soon as price began to persist above 38,400 and was able to steadily pull price higher all over the weekend and much aggressively on the opening day of the week. Bitcoin has been in a bullish trend since maintaining the mid-range, and while it has been volatile in recent weeks, it has still been able to progressively channel higher. Meanwhile, profit-taking on strength is still suggested as long as the strength remains intact. The weekly open has created a wickless candle, raising concerns for the day and could perhaps be signaling a bullish hyper move.
On the Upside Bitcoin is currently aiming for 42,440 followed by 42,965 levels. Price has 50% Fibonacci retracement levels of the November 2021 to November 2022 bearish spell between these levels. This will be a crucial resistance level for the time being, perhaps could lead into a significant profit-taking situation. Meanwhile, if price can break past this barrier, Bitcoin is anticipated to move higher into the 48,200 range high. Meanwhile, it will face intra-day resistance at 44,800, followed by 46,350.
On the Downside a handful of supports are being structured. The first level of support is expected to be between 41,500 to 41,400. The next supporting level below this area is the mid-mid-range at 40,500, although the stronger supports are located lower at 39,880 to 39,730 levels. These are the levels of support that are likely to restrict any major profit-taking rounds that may occur.
