ForexMinute.com — Last 24 hours in the cryptocurrency market saw Bitcoin continuing to stay in its new range. The price action was choppy, and offered enough scalp trades to take little profits from. With that said, the parameters we discussed in our previous analysis held off during the August 13th trading session; they are hinting to stay intact today as well. Have a look at the chart:
Bitcoin 4H Chart
The 4H BitFinex chart above shows Bitcoin in a bearish bias, for the price action is still taking place below the 50, 100 and 200 SMAs. The 4H RSI, on the other hand, has surged above 50 but is still trembling near the threshold. The MACD indicator is maintaining its negative bias as usual. All these technical indicators point towards a near-term buying scenario.
As you can see the chart further, we can see Bitcoin within a predefined trading range, serving 260.47 fiat as the in-term support and 268.76 fiat as the in-term resistance level. Our today’s intraday breakout strategy will be based on these two levels.
With that said, we will first be looking for price to break above the in-term resistance level to validate 270.06 fiat as our medium-term upside target. In case the bullish action extends, we will be looking to place a long towards 273.54 fiat by maintaining a stop near 268.02. It will ensure we exit the trade on a little loss, in case the upside action is invalidated.
Looking at the other way around, a pullback from the in-term resistance will have us put a short towards 262.87 fiat. This particular level has held the price from falling into the bearish region which, if broken, would pressurize the in-term support level to do the same. Our short position will shift alongside. On all these trades, we will keep our stop loss near 264.43 fiat.