4-Hour Analysis:
Big Picture: Bitcoin challenged the immediate resistance level many times, but no substantial breakthrough was achieved, resulting in significant intra-day profit-taking. The pair has been maintaining a dual trend, with both participants taking advantage of the key levels. This volatility is expected to remain in this range for a time. Having said that, sellers currently have the upper hand, even if only partially.
On the Upside price failed to obtain acceptance over the immediate resistance levels of 43,545 to 43,670. Meanwhile, the 50% Fibonacci retracement of the corrective phase provided additional resistance at 43,800. For Bitcoin to reverse its trend and re-enter a strong positive momentum, it must gain strength over 45,420. However, above 43,800, the next intra-day resistance levels are at 44,030, followed by 44,500 and 44,720.
On the Downside after losing the supporting level of 43,215, price has been under continuous pressure and is exposed to lower supports at 42,250, followed by 41,855 levels. These intra-day supports are expected to result in some partial short-coverings and may force a solid recovery for the session. Meanwhile, if aggressive sellers stay active, they may seek for a further push into the 41,400 to 41,200 levels before any significant recovery occurs.
