ForexMinute.com — Last 24 hours in the cryptocurrency market saw Bitcoin rejecting the previously prevailing downside momentum, and attempting a sharp bullish correction. The price action we discussed in our previous analysis held well here, and we were able to take a nice profit off our short towards the in-term support level, where a strong buyout appeared. With said so, the price is now targeting the range resistance and we’ll keeping our eyes on this level for the rest of the day. Have a look:
Bitcoin 4H Chart
We can see price confined in a range we discussed in our previous analysis, with 276.15 fiat still serving as a strong in-term support level and 279.92 as our in-term resistance level.
At first, we will be looking towards Bitcoin breaking above the in-term resistance level to validate 281.16 fiat as our medium-term upside target. A further break, and we’ll enter a long towards 283.71 fiat. On these trades, our stop loss will stay a little below 279.92 fiat to have us exit the trade in case of a bias reversal.
Conversely, a break below the in-term support level would have us put a short towards 274.22 fiat, our primary downside target. A further break below this level will result into a breakout. On these trades, our stop loss will be near 276.53 fiat.
The technical indicators, meanwhile, are indicating near-term bearish bias, for the price is still trending below its 50, 100 and 200H SMAs while the RSI is still below 50. The MACD indicator, on the other hand, is still maintaining its negative bias.