1-Day Analysis:
Big Picture: The range lasted over the weekend, with BTC trading between 37,550 and 40,800. We are into an important week, as few important events are likely to be chaired this week. Higher volatility is expected, as well as a potential range expansion. Going forward, BTC is heavily protected by the 37,630 support level; losing this on a daily basis would be a severe setback, with price initially exposing itself to 33,250, followed by Range Lows once more. To rule out this scenario, a close over 40,000 is required, which might push the price higher to 41,000, then 42,000. Strongholds above 42,000 can flip the excitement level around, so this is a crucial level.
On Upside at 39,050, the first resistance can be found. At this level, the 4-hour EMA-50 will give price a tough time. Above the EMA, a stronghold might open the way to 39,700, then the 40,000 mark. Sustaining above 40,000 could drive aggressive short-covering, pushing the price up towards 41,000-42,000. On Downside initial support is present at 38,250 followed by key support at 37,630. BTC needs to hold this level on daily closing otherwise another selling spree is likely to be seen, exposing price towards 33,250 next followed by 30,000-28,000 levels.
