ForexMinute.com — Last 24 hours in the cryptocurrency market saw Bitcoin falling to establish a further upside bias and falling back into bearish corrective mode. The fall however was nominal and opened some good short opportunities for traders (if they weren’t away from their computers). As we enter another day of trading, we are hoping the current volatility to extend further and bring some profitable entry/exit positions. What are they? Let’s check them out.
Bitcoin 4H Chart
(Click above to view the chart)
Despite the recent fall, the 4H BitFinex chart is displaying Bitcoin in a neutral bias. It get proved with the 4H RSI that is currently been trending just below 60, and the MACD trendline that is also situated inside a positive bias. However, the price is still trending below the 100- and 200-H SMA — implying the presence of sellers in the market.
Which brings us to the today’s key levels. As you can see, Bitcoin yesterday formed higher highs towards 232.01 fiat, after which it bounced back towards 228.22, a temporary support level that has held price from falling into the bearish channel multiple times. We are now trading above this line, still targeting the readjusted in-term resistance level near 231.35. These level will remain to be in our sight while placing today’s trades.
If the downside pressure excels, we would be looking to break below 228.22 to validate a further downside bias near 225.71 fiat. If you are planning to place shorts towards the primary downside target, we do recommend you to place your stop loss near 229.00 fiat to exit the market in case of bias reversal.
Looking at the other way around, a run above the current in-term resistance would open some attractive long opportunities towards the primary upside target near 232.92 fiat. A further break, and a medium term bullish bias will be established, transforming the current resistance into support and readjusting the upside target towards 235.66 fiat. However, we would still ask you to place your stop loss near 230 to exit the market on time.