BTC – “Trappy Price Action”

3-Day Analysis:

Big Picture: Tuesday remained to be a profit-taking day. However it remained of the re-test levels. Going forward expect volatile trappy price action as it’s stuck between strong resistance on the upside between 45500-47000 and strong support on downside around 41000-39000 levels.

On Upside 45400-45500 remains to be a strong resistance which is capping the upside. There still remain chances that price could test EMA-200 Daily at 46850. This level also coincides with Higher Time Frame Range Mid-Point and multiple minor resistances. So expect profit-taking at this level. However reclaiming this level and holding above it would strengthen bulls and put BTC back into bullish territory with upside targets of 50-53-56k initially.

On the Downside 42950 acted as a good intra-day support which protected further downside. 42950 is still first intra-day support followed by 41000-40500 level. However a break below 40500 will open further extensive re-test zones around 39500 and 38k.