8-Hour Analysis:
Big Picture: The pressure is mounting as a result of a dreadful week on the indices. BTC has held up far better than the indices and has managed to maintain its key level supports. However, the pressure is mounting, and the bulls are starting to struggle. Going forward, BTC has major historical supports in the 37-35k range. Holding them will be required if range lows are not to be revealed. Overall for bullish reversal reclaiming 42,200 is now necessary.
On Upside the initial resistance is noticed between 39200 and 39400. While breaking this leads to the next level of resistance at 39700. BTC is going to encounter significant challenges as it rises, as several new resistances emerge. However, in order to offset this selling pressure, BTC must rise over 41,200, while a bullish reversal is seen above 42,200.
On Downside On the daily close, BTC managed to hold the 38,000 level, which is a positive sign. Intraday support is currently at 36,850. If this is broken again, the recent low area of 38,000-37,700 gets revealed. Below these sits the liquidity pool, which might be a price objective right now. Ideally if that’s the case then price should recover back after tapping this region before daily close. Then and only then will it be referred to as a liquidity grab zone. However, if this area is not held, BTC will most certainly be exposed to 35,000-34,000 in the coming days.
