ForexMinute.com — Last 24 hours in the cryptocurrency market has seen Bitcoin experiencing some strong volatile actions. While the price behavior remained choppy for the most hours of the day, it indeed brought several intraday trading opportunities to get the maximum profits out, regardless of the direction.
As we now heads into the European session, we can see a clear dump-and-pump situation in the market. Obviously, the range we discussed in the previous analysis has been invalidated due to unannounced price behavior. We are therefore watching a new range at this hour. What are the levels that serve it? Let’s have a look at the chart to know more:
Bitcoin 4H Chart
The recent price action has brought us to a new range, where 233.86 fiat is serving as the in-term resistance and 230.77 fiat as the in-term support level. In the meantime, we will treat the blue line (near 232.21 fiat) as our indicator to place short/long position, according to the direction of price action.
We are currently trading in the midst of our current range. At first, we will definitely be looking for price to test in-term resistance. In case the level is broken, we will enter long towards 234.59 fiat, our medium-term upside target, while our stop loss will be placed near 233.37 fiat to get us out of the trade in case of a bias reversal.
Looking the other way around, if price tends to go below the blue line, we will enter a short towards the in-term support. A continuation in the southward volatility would further have us put a similar position towards 229.71 fiat, our medium-term downside target. In this case, our stop loss will be at 231.48 fiat.