ForexMinute.com — Last 24 hours in the cryptocurrency market saw Bitcoin settling itself into the parameters we drew in our previous analysis. The price action, in the meantime, remained choppy enough to get in and out of trades on small profits. We very well played within the range and was able to make out a decent positive reward profile.
So what are the actions we’ll be watching today, let’s check out in this intraday breakout strategy of ours:
Bitcoin 4H Chart
The technical aspects of the 4H BitFinex chart above continues to be bearish, for the price is still below 50, 100 and 200H SMAs and the RSI is hopping between 40 and 46 — still a selling range. The absence of a breakout could also be seen through the MACD indicator, which continues to maintain its negative bias.
The Bitcoin price action, meanwhile, is taking place within a predefined trading range, serving 221.23 fiat as its immediate in-term support, and 237.53 fiat as its in-term resistance level. These are levels we’ll be checking out today in regards to our intraday breakout analysis.
At first, we’ll be looking for price to test in-term resistance, a level which, if broken, would have us put a long towards 243.56 fiat — our medium-term upside target. On this trade, our stop loss will be at 235.67 fiat to ensure our overall positive reward.
Conversely, a run towards the in-term support level would have us put a short towards 209.39 fiat. We will meanwhile excuse ourselves from placing any further downside positions, for the price action could be volatile considering the prevailing bearish scenario.