BTC-“Short-Term Plays Likely”

3-Hour Analysis:

Big Picture: Price movement is becoming more volatile as short-term shifts are at play. Price previously recovered from the trendline levels and is now maintaining slightly below the immediate resistances. If this consolidation holds, a lower-time frame bullish flag might form, allowing for another impulsive run higher back into the recent highs.

On the Upside price is encountering intraday resistance between 43,190 and 43,415 levels. Price attempted to break through this zone many times yesterday, but the bulls have yet to accomplish significant success. Meanwhile, if strength over 43,415 is established, the upside is expected to initially expand back into 44,100 and 44,290 levels. 

On the Downside a decent supporting range has been created between 42,400 to 42,270. This range was maintained by the price yesterday. Holding above these immediate supports would allow for another move higher; however, breaching this zone exposes price to 41,980 and possibly the trendline levels around 41,400 to 41,300.