“CME Gap Filled”

Big Picture: The much-awaited corrective reversal happened that took price towards the breakout-based supports. Currently, a decent reaction is being observed off the re-test supports. As long as BTC holds the 44-45k level, higher levels are likely to be seen in coming sessions. Ideally, this is where the corrective reversal shall be limited, however, if it starts to extend the bullish sentiment could be endangered. Expecting a Volatile session for the day.

On Upside, initial resistance for the day is seen at 45,700 level followed by 46,400. Once BTC can reclaim these levels and stronghold above these the downside will be deemed successfully completed, and higher targets will be established. Overall 48,000 level remains to be the capping point for the macro trend. Breaking and sustaining above this opens 49,250 as next upside followed by 49,850 and eventually 51,950.

On the Downside the CME Gap has been filled and major supports have been tested. The supports and EMA combination halted any further fall. Going into the day 44170 remains to be the most solid support level. As this level is protected by the major horizontal support line and EMA-32 12-hourly. However if this breaks in a convincing manner, downside risk increases initially towards 42,000 followed by 40,000 levels initially.