3-Day Analysis:
Big Picture: Price was unable to remain over 42k and lost momentum, resulting in an intra-day drop. It is reasonable to state that the price is trapped between an enormous resistance that has been restraining the upside around 45.5k level and a support of the 200-Day Moving Average at 37580. This support has climbed above in this time frame, and the price has not been able to close below it since the initial test. Going forward, these levels on the upside and downside will be extremely important, since whichever one breaks will determine the trend direction. On the upside, a breakout goes to 55k, while a collapse leads to 28k.
On Upside The day’s initial resistance is observed at 39850, followed by 40050. Secondary intraday resistance can be seen at 41400. However, if we can retake this level, the next resistances are 42400 and 43250. Aside from that, the important levels that price has to break to build a bullish trend are 44400, followed by 45500, as breaching these leads to 46000, 48000, and eventually 51950.
On the Downside the initial intra-day support level is 38800, followed by 38000. After that is the key support of the 3-Day MA-200, which has already climbed to 37580. Keeping in mind that this is a 3-Day support level. However, no session must close below 37000 on a daily or three-day basis. If this occurs, it is expected to reignite fresh wave of selling, exposing the price to 31950, followed by Range Lows.
