ForexMinute.com — Last 24 hours in the cryptocurrency market showed Bitcoin in good moods, as its attempted a brief upside correction after facing a steep decline in the last few days. The range we had drawn in our yesterday’s analysis was pretty much held, and price is now looking towards jumping through the scalp of current in-term resistance near 233.85 fiat. Let’s have a look:
Bitcoin 4H Chart
Despite the correction, the Bitcoin is very trading below the 50- and 100-H SMA — indicates the 4H BitFinex chart above. It also displays 4H RSI slightly above 40, which is clearly a selling area. The MACD indicator meanwhile is also situated way to below the normal line. Together, the technical indicators points to the sustenance of prevailing bearish bias in the market.
At this point of time, Bitcoin is forming a strong trading parameter between the in-term support 231.22 and in-term resistance 233.85. Traders are recommended to place their eyes on these levels, for it is their invalidation that will decide the next bias in the Bitcoin market.
As price is correcting itself right near the resistance level, a further upside bias will only be established when Bitcoin will cross above 233.85. In case it happens, the initial upside target will shift to 235.67. A break above this level will further open a road towards the secondary upside target near 236.68.
In case the upside correction invalidates, it would advisable to place short trades toward the in-term support near 231.22.