ForexMinute.com — Last 24 hours in the cryptocurrency market saw Bitcoin gong through a brief bullish correction, therefore bringing back a medium-term upside bias to the scene. The impact of strong upside momentum was however not much reflected in the altcoin price, for Litecoin, Darkcoin and Dogecoin remained on a sideways trend throughout the day.
BTC/USD 4H Bitcoin BitFinex Chart
As you can notice in the chart above, the Bitcoin price seemed to have weakened its upside momentum near 260, the bullish breakout initiator during the March 1st trading session. The selling pressure near this end signifies traders’ mood to form a new consolidation channel with 260 as its resistance, and 250 as the primary downside risk, with an intermediating support laid near 253 fiat.
A bounce towards 260 is likely if Bitcoin continue to hold position above the 253 level, with 262 acting as intraday initial target. At the same time, price dropping below the 253 fiat would ensure it to retest weekly low near 251. A possibility of 257 holding the price from testing 253-support is likely as well. Watch out for this point while placing short trades. It could very well act as a good stop loss point as well.
On whole, the Bitcoin price is currently indicating to be in a medium-term bullish bias, for it has been clearly above the 50-H and 100-H SMA while the RSI is also situated in a notably buying region near 60.