ForexMinute.com — Last 24 hours in the cryptocurrency market saw Bitcoin failing to extend its downside correction momentum, and bouncing back to establish some new higher intraday peaks. The extreme bullish volatility is meanwhile speculated to form out of the growing uncertainties in Greece economy. It however remains to be only a “speculation”.
As we enter another day of trading, there are indeed some mouth-watering trading opportunities. Let’s check out the levels we will be watching out for today.
Bitcoin 4H Chart
Th 4H BitFinex chart above displays Bitcoin in a very strong bullish bias, for the price is trending above its 50, 100 and 200H SMA and the 4H RSI is also inside a buying zone — between 66 and 72. The MACD indicator meanwhile is also trending inside a positive bias, above its signal curve.
As you can see the chart above, we are somewhere situated near the in-term resistance line near 254.96, sighting 247.29 as our in-term support level to hold the overall bullish sentiment. Bitcoin meanwhile is trying to break above the in-term resistance level, an action that would instantly validate 257.36 as the primary upside target. The price is visibly a little above this line but we would recommend our traders to place long positions towards primary line only around 255.88 fiat. In both the cases, do not forget to place your stop loss near 252.30 to exit the market in case of a bias reversal.
Conversely, a run towards 247.20 would bring the primary downside target near 241.04 back in sight. But due to a strong buying pressure, we expect price to attempt bouncing back from temporary support levels near 252.30 and 249.67. While placing your short positions towards either levels, we would recommend our readers to place their stops near 253.70 to avoid being chopped off in case of a bias reversal.