ForexMinute.com — Last 24 hours in the cryptocurrency market saw Bitcoin failing to sustain its previous medium-term bullish bias and slipping through wide bearish cracks consecutively. Here’s have a look:
BTC/USD 4H BitFinex Chart
Just by the time there were attempts from bulls to keep the Bitcoin price afloat above the 246-support, another dump took place that subsequently crashed the market towards the last month’s downside support 236.
As you can see the chart above, the Bitcoin price is indeed way too below the 50H MA, while the RSI is struggling to correct its figure, sighting 30 to validate its attempts. The MACD blue curve meanwhile has dipped too much into the negative territory. This overall confirms the return of bears, putting market once again into a depression channel.
Meanwhile, it is important to notice that 236 was the same point from which the previous bullish rally initiated. It therefore promises to be a psychological support to start another medium term rally towards the next resistance line near 246. However in case the bearish pressure extends, we could see Bitcoin teasing the last month’s ultimate bottom near 210 once again, this time treating 228 and 236 as its primary and secondary upside risks.
There is no significant movement visible near the 236-support at this time. However, we could expect some volatility at the start of US session. It would be okay to set you stop losses just below 236 to ensure a timely exit in case of a further bearish correction. However, in case Bitcoin tends to sustain above the aforementioned support, place your long position towards 242 would be an ideal way to make some decent profit.
While Dogecoin and Litecoin is clearly under the depressive effect of Bitcoin, each falling 8 and 7 percent in over the last 24 hours, Darkcoin seems to be flowing in an opposite direction. The newly branded coin has continued on its upward rally and has risen around 8% in over the last 24 hours.