8-Hour Analysis:
Big Picture: The price is now moving between 37,550 on the downside and 40,800 on the upside. For a few days now, these ranges have essentially been limiting the price inside them. However, the market is expected to remain turbulent and challenging to trade simply due to erratic price behavior. BTC must start maintaining over 42,200 in order to generate excitement.
On Upside The initial resistance is observed at 39,400, followed by 39,700 again. Price has been struggling to climb due to the emergence of several fresh resistances. BTC must remain above 39,700 and break out of the falling wedge formation to resist this selling pressure. The next challenging level will be seen at 40,300 where EMA-50 is present. Breaking above this will probably drive the price up to 40,800, then 41,200, and eventually 42,200.
On Downside things remain same with the initial support level at 39,200. Maintaining this level would give a big lift for price; but, if it is breached, lower supports are expected to re-enter the picture, exposing BTC to 38,700, followed by 38,000, and maybe re-targeting the prior lows.
