4-Hour Analysis:
Big Picture: Another session with extreme volatility and price movement. Intra-day resistances once again capped the upside and prompted intense intra-day selling, sending the price back down. For the last few sessions, price has been restricted to this band of 27,415 to 26,530. This ranged-bound scenario is expected to extend once a particular side achieves a hold below or above the key intra-day levels.
On the Upside the bulls are having difficulty with 27,415 yards. They were denied twice from this level, and despite numerous attempts, no candle was able to close even partially above this level. At the time, this level remains an important barrier to price triggering any additional corrective upside. Above 27,415, the next level of resistance is at 27,600, followed by levels ranging from 27,950 to 28,300.
On the Downside Yesterday’s session saw an even more intense sell-off, but the support levels of 26,650 to 26,530 once again managed to restrict that fall and pushed for a price turnaround. These supports are currently holding firm, but they are projected to weaken if buyers fail to step up and push price over the intraday resistances. Furthermore, a breach of these supports would cause the price to fall into the 26,200 level, followed by the 25,800 to 25,500 levels.
