1-Day Analysis:
Big Picture: Bulls remained very aggressive for the most parts of yesterday’s session as they climbed all the way towards 38,000 mark highest since May 2022. Price did see some profit-taking, however in the final stages as pressure from trendline resistances got the better of the price it pushed for some even stronger rounds. Volatility is predicted to stay strong during the day and possibly for the next several days as well.
On the Upside price was able to make a move higher in yesterday’s session, but despite the strength, it was unable to close above the trendline levels. The rising channel barrier around 37,200 is still active and will likely continue to exert pressure on the price until it is completely surpassed. Above 37,200, the next level of resistance is 38,000, followed by 38,800.
On the Downside price has found strong support between 36,550 to 36,400 levels. Holding onto these supports have allowed price to climb once again. Meanwhile, for any fall lower, sellers must first break through these supports; only then will they be able to push the price lower into the 35,600 level, followed by the 35,200 to 35,100 levels.
