BTC – Expect Further Recovery

Big Picture:CME Gap acted as an immense support yesterday, limiting the fall at 32800 and produced a swift bounce that made price test the first major resistance at 36800-37200. However as no closing was observed above this level, hence this level still acts as major resistance.

On Upside 36800-37200 resistance is acting as a cap point since yesterday and above that this level is likely to see EMA-200 hourly now as well. Hence making this an immense zone to break. However break and hold above this level is still necessary to open 38800 which could potentially act as top for the day. Closing above this level would open the supply zone 2 which also tends to be the Range Top between 40-30k.

On Downside 35450 acts as first level of support for the day followed by 35-34.2k range as important secondary support which is likely to act bottom for the day. However if price tends to break below 33k and shows pressure below it then we are likely to see Range Bottom being tested at 31-30k.