8-Hour Analysis:
Big Picture: Yesterday’s session was another intense session. Bitcoin, on the other hand, is still holding on to its supports. Given how other markets have plunged in recent days, this is an astonishing display of resilience from BTC. Going forward, this strength must break over the 42,200 barrier to generate excitement; otherwise, it will likely stay choppy and won’t be able to stick around the cliff for very long. The current range is 37,300-40,800.
On Upside the initial barrier has now climbed to 39700. As BTC rises, it will face substantial hurdles, as multiple new resistances arise. To counteract this selling pressure, BTC must hold above 39,700 and break out of the falling wedge formation. This will most certainly push the price towards 40,800, then 41,200, and finally 42,200.
On Downside the initial level of support is currently 39,420, followed by 39,200. Sustaining these levels will provide a significant lift for price; but, if they are breached, lower supports are once again likely to come into play, exposing BTC to 38,700, followed by 38,000, and perhaps re-targeting the previous lows.
