1-Hour Analysis:
Big Picture: The pressure has ceased as Lower-Time Frames consolidate. Ideally healthy consolidation phase once again leads to expansion of range. Currently the range has been established between 30,400-32,200. In-order to lead it towards the upside BTC needs to start holding above 32,800 region. Nevertheless, the downside remains the same, with range lows serving as a crucial support region, failure to which might result in a capitulation event.
On Upside the initial barrier level is 32,200, followed by 32,800. The next resistance level is predicted to be 33,235, followed by 34,350. These barriers are unlikely to be broken on the first try, making pricing exceedingly tough to overcome. If BTC succeeds to overcome this barrier, it will most likely go for the CME Gap around 34,470-35,950. On Downside significant support is seen at 30,350-30,100. If this support holds, BTC will be vulnerable to additional lows towards 29,220 and, finally, 28,820. These are range low-based supports. Expect tremendous volatility at these levels as the market attempts to preserve key supports; nevertheless, if these levels are violated, a huge drop might occur.
