ForexMinute.com — Last 24 hours in the cryptocurrency market saw Bitcoin breaking away from its overlong sideways trend and establishing a new recovering high.
Interestingly, the upside breakout coincides with the growing reports of Chinese investors adapting Bitcoin to surpass the nation’s strict capital control laws. Earlier in August, the digital investment had fallen down by over 13% due to the negativities surrounding with the Bitcoin Block Size, and since then, was moving flatly.
With that said, Bitcoin has now entered a new trading range and is now seeking to establish new floors to continue its prevailing uptrend. What are these levels? Let’s have a look at the chart below to know:
Bitcoin 4H Chart
As you can see, the range we are watching for our intraday breakout strategy has 247.12 fiat serving as the in-term resistance and 239.14 fiat as in-term support level. The range has been revised upon Bitcoin’s sudden uptrend.
The mood of our technical indicators have also changed. The price, as you can notice in the 4H BitFinex chart, is now above its 50 and 100H SMA, while is still testing the 200H one. The RSI indicator has jumped above 60 to establish a good buying opportunity in the market. The MACD indicator, similarly, has rocketed a way too above its normal line and signal curve.
Going by these indicators, we can first expect price to break above the in-term resistance level to validate 251.12 fiat as our immediate upside target. Furthermore, we would maintain our stop loss near 245.74 fiat to exit the market in case the upside bias is reversed.
Looking at the other way around, a run towards the in-term support level would has us put a short towards 234.74 — our primary downside target. A further downside volatility could bring 231.42 back in sight. On both these trades, our stop loss would be maintained near 235.67 fiat.