1-Day Analysis:
Big Picture: The last breakout over 45,000 was labelled a “fake out,” since it resulted in a significant divergence, which led to meltdown. We are now back at the bottom of the range. These levels are crucial for Bitcoin and overall market. Any slide towards the 30,500-32,000 levels will most likely be met with strong buying, and if price rebounds and re-enters the range, we will most likely target the range’s midpoints once more. If this happens then a bottom deviation could be seen which can act as fuel for bullish trigger.
On Upside The initial resistance level is 33,750, followed by 34,000. The following level of resistance will be observed at 34,850, followed by 35,000. However, very strong barriers are observed at the 35,500-36,000 range, followed by the 37,630 area.
On Downside the area of 33,250-32,950 has extremely good support. This zone should ideally inspire significant short-coverings and fresh buying, but if it is breached, a fast decline towards 32,000, followed by 30,500, cannot be ruled out. This is when range lows support comes into play. Expect strong reactions at these levels, as well as a possible partial relief rally.
