1-Hour Analysis:
Big Picture: With the macro-trend bearish, the short-term trend is becoming uncertain and turbulent as price gets trapped between key levels. This range is now functioning between 20,250 and 22,800. Overall, with the price currently approaching historic support levels, a relief bounce is still possible.
On the Upside the initial levels of resistance are 21,350, followed by 21,700. Following that we have next resistance coming at 22,800. Beyond that comes the supply ranges from 23,000 to 23,250. Price must break over this level in order to open the door to more gains in the coming days. A strong break over 23,250 will most likely propel the market to 23,700, and subsequently to another supply zone between 25,000-25,600.
On the Downside the initial support level is spotted at 20,850 once more. Following that, we have the next level of support at 20,250. This is a critical support level for bulls to keep since breaching it raises the risk of price falling back into a rapid decline which might expose the price towards the 2018 high of 19,797, followed by deeper penetration into the demand zone of 20,000-17000.
