BTC-“Short-Term Plays Likely To Continue”

4-Hour Analysis:

Big Picture: Bitcoin’s last surge from support levels was hindered by intraday levels. The price was pushed down by the upper resistance levels. However, a similar reaction with comparable strength was triggered once again from the support levels, bringing price back into the key intra-day levels. Furthermore, this time the initial re-test of lower supports was also quite successful. Going forward, bullish dominance over the key intraday levels will push for another strong round higher, but if sellers can limit price once again, volatility inside the range is expected to persist.

On the Upside price is consolidating below 43,190 to 43,415 levels. If the bulls can overcome this barrier, a push back to the recent highs is likely. Strength over 43,415 ascends to 44,290, followed by 44,800 to 45,000 levels. This is where there is some pressure, and short-term profit-taking should be managed.

On the Downside price was able to hold 40,700 to 40,540 level range which once again initiated this prevailing upside. The support level for the session has been adjusted to 42,400 to 42,280 levels. As long as this supporting zone holds, bulls will be in a stronger position to make the first move. Meanwhile, sellers want price to remain restrained by the intraday levels so that they may drive price to lower supports.