4-Hour Analysis:
Big Picture: The past several sessions have seen a major spike in volatility. Yesterday was a mixed session, with some sideways price activity. Both participants are prepared to counter any potential hyper movements that may be carried out in the next few hours to days. Meanwhile, the consolidation rounds would still favor bulls if they can keep the price above the important S/R levels given the current conditions.
On the Upside after rebounding from lower supports, the price approached the 67,000 level. The Bulls continue to struggle in this zone looking for further continuation. Higher volumes would be necessary in tackling with the growing congestion between 67,000 to 69,000 levels. Meanwhile, between this major range, there are additional intra-day resistances between 67,760 and 68,300.
On the Downside over the last several candles, the price has been quite stable above 65,555 level. Continuing to hold this supporting level would help the bulls recover and move much higher. However, if the support level of 65,555 is breached, the slide might continue towards 63,500-62,950 levels. This range has a potentially strong 4-hourly demand zone, as well as dynamic support from the EMA 50. Hence making it an important supportive region for the day.
