1-Day Analysis:
Big Picture: BTC standing on the middle ground with no clear direction. Moving forward it’s expected to remain inside the range a bit longer and keep doing liquidity grabbing events. To gain further strength at least it needs to break and hold above 42,000 level. However there remains a strong possibility that we may revisit the lows of 38,000-37,250 once more to grab the remaining liquidity for the day. Expecting a volatile session for the day.
On Upside first intra-day resistance is seen at 41,400-41,600. For a few days now, this level has been preventing any further gains. To open the door to more upside, BTC must break above this level. Failure to do so will result in intraday profit-taking. However, following that we have a strong level 42,740 that is the MA-200 12 Hourly, which is likely to function as yet another important level. If price begins to hold above this level, we are likely to revisit the 44,400-45,050 highs, which is also the top of the consolidation box. This level is where Daily EMA-200 is residing. Expect aggressive profit-taking to commence at this level.
The Downside remains the same with initial intra-day support at 40,400 followed by 39,550. Losing intra-day supports will open the next level of support at 38,850. These levels are likely to act as good supports. However there remains to be a lot of liquidity below 38,000-37,550 level which could be a target for the price. Moreover these levels are also seen as immense supports as there are multiple confluence supports at these levels. However if these supports are lost then we are likely to see of 35,500-34,000 in coming session once more.
