8-Hour Analysis:
Big Picture: Bulls standing firm on the trend, however extremely overheated conditions are demanding either consolidation or a correction. However, if BTC starts to persist above 48,000, more upside extension is possible, with the next region of interest around 49,850. At the moment, any dip will be viewed as an opportunity to stock up. With all of this in mind, it’s clear that BTC is quite bullish right now, but it could trap a lot of late entrants because it still needs to cover a CME Gap between 46,565 and 44,680.
On Upside, initial intra-day resistance is seen at 47,600 followed by 48,000 level. These levels have been capping the upside for a few hours now. However consolidation here have cooled indicators to some extent, hence if BTC starts to now climb and hold above 48,000 level further upside is expected with 49,250 as initial target followed by 49,850 and eventually crossing 50,000 mark.
On the Downside initial intraday support is seen at 47,380, followed by 47,100. However, major supports will be seen at 45,850 and 45,500. These levels are likely to draw potential buyers upon test. However losing these supports opens the next demand zone at 44,400-44,000 levels.
