1-Day Analysis:
Big Picture: The FOMC’s dovish approach is expected to provide Bitcoin with some momentum as it retests higher levels. In the immediate term, the Bulls may attempt to push back towards their recent highs. However, a reaction here would be key in either extending the upside or remaining inside the corrective zone. Any rejections from recent highs would result in a corrective fall, perhaps extending the decline into further lower support levels.
On the Upside the initial intraday resistance levels are 43,065 and 43,125. Above the initial resistances, the next set of intraday levels are at 43,605 to 43,680. Both of these intra-day regions are expected to pose problems for the bulls; nevertheless, if strength holds, bulls will try for 44,100 and 44,180 levels. Price is up against channel resistance at 44,180. A strong break over 44,180 pushes Bitcoin towards a new 52-week high around the 45,000 level.
On the Downside there are a couple of supports between 42,400 and 41,980. The bulls will benefit from holding these intraday supports since it will allow them to prepare for another push higher. Meanwhile, if price fails to sustain intraday support levels, the current growing momentum is likely to fade. Furthermore, below 41,980, the next intra-day supports are at 41,500 followed by 40,650 to 40,520 levels.
