3-Hour Analysis:
Big Picture: Following its retracement to the 61.8% Fibonacci level at 48,250, the price of Bitcoin experienced a sharp decline of over 20% during the course of a few weeks, indicating the outbreak of a corrective phase. However, this corrective cycle briefly fell below the psychological barrier of 40,000 and had some strong recoveries towards higher levels once the divergence was established.
On the Upside there are now trends inside trends. The bulls have rallied again towards the 50% Fibonacci of the corrective cycle at the level of 43,800 and if bulls are able to retain this strength price might possibly aim higher towards the 61.8% Fibonacci level at 45,045. This is where some significant profit-taking is now due, and a possible slowdown should also be kept an eye on. Nonetheless, the intraday resistances for the day are around 44,030, 44,500, and 44,720.
On the Downside at the 43,215 level, there is immediate intraday support present. Sustaining this level keeps the aggressiveness, although a slide below it enables a potential retest of lower supports at the 42,250 and 41,855 levels. Furthermore, EMA-32 is present in the area between these supports and has been continually pushing these ongoing trends for the past few weeks.
