Big Picture: Extreme Volatility was observed on back of CPI data release. However BTC was unable to break out of the range and is still trading in between 42800-45500. Price needs to break on either-side to lead the direction. Break above the consolidation box leads towards 46000 and 46700 followed by 48k levels. However breaking down of the box leads towards 41800 and 40450 followed by 39500.
On Upside Initial resistance is seen between 43800 followed by 44900. However 45400-45500 remains to be a strong resistance that is capping the upside. Test on Range Mid-Point and EMA-200 Daily still remains on cards. Both these ranges are present nearly on same levels around 46600-46800. This is where intra-day profit taking is expected. Reclaiming and holding above Mid-Point would strengthen bulls and put BTC back into bullish territory with upside targets of 50-53-56k initially.
On the Downside 42800 protecting the downside. 42800 is 1-H based Range Low and is first intra-day support followed by 41700 and eventually 40400 level. However a break below 40400 will open further extensive re-test zones around 39500 and 38k. Holding below 38k would be a red carpet invitation for Bears.
