ForexMinute.com — Last 24 hours in the cryptocurrency market saw Bitcoin breaking above its own psychological barrier around $300, thereby marking a new wave of bullishness. The session is now close to draw some further upside action should there be some volatility near the currency resistance level. Nevertheless, our intraday breakout strategy is constantly prepared to take out the best profits from current trend.
With this said, what are the levels we are watching today to suit our intraday strategy? Let’s check out:
Bitcoin 4H Chart
As you can see the 4H BitFinex chart above, we are currently in the midst of a new trading range, with the revises in-term support and resistance being near 300.11 fiat and 308.08 fiat, respectively. The session is now drawing close to the in-term resistance level, and we are accordingly looking for it to cross the said level to validate 310.67 fiat as our immediate upside target. On this trade, a stop loss somewhere 306.17 fiat will protect us from any unannounced correction.
Looking the other way, if the price breaks to the downside, we will look to go short towards 300.11 fiat while setting our downside target towards 298.56 fiat. On this trade, a stop loss near 301.18 will ensure to get us out of trade should there by a bounce back at support.
Technically, the Bitcoin market is medium-term bullish, with price trending way above its 50, 100 and 200H SMA while the RSI nearing around 70. The MACD indicator is also maintaining its positive bias.