BTC-“Short-Term Moves Likely”

2-Hour Analysis:

Big Picture: Bitcoin’s upward acceleration has finally slowed following a period of rapid expansion. For the first time in this surge, Bitcoin’s dominance has come under some pressure. Moving forward, the sideways price action may continue for some time as indicators on the higher and lower time frames cool off. Furthermore, both sides are anticipated to make short-term movements in the coming sessions.

On the Upside the trendline resistance provides some partial resistance from the 43,340 level. Meanwhile, the key intra-day resistance levels are above the trendline at 43,680 and 44,100, followed by 44,240 and 44,440. These are the levels where some intraday selling pressure persists. Meanwhile, sustained strength over 44,100 opens up the range for 45,000 to 45,200 levels once again.

On the Downside 43,190 and 43,065 have proven to be good intraday supports. Price has remained in this range for several hours. Furthermore, the longer this zone can be held, the better for the bulls who are still looking for higher levels in the next sessions to weeks. Meanwhile, losing this support could slowdown the momentum further, resulting in a corrective decline into 42,380 and potentially lower into 42,160 to 42,065 levels.