Cryptocurrency Trading News: Bitcoin Gains Breakout, Sighting New Upside Levels

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ForexMinute.com — Last 24 hours in the cryptocurrency market saw a much-awaited breakout in the Bitcoin prices. The in-term level we were keeping eyes on was neatly broken, and opened some good long opportunities towards the primary upside level — an analysis which still stands intact. As we enter another day of trading, let’s check what today’s chart tells about the market.

Bitcoin 4H Market

https://www.tradingview.com/x/bqq3oFfS/

The bullish breakout has indeed changed the landscape of Bitcoin market. The 4H BitFinex chart displays the price in a solid near-term bullish bias, for it is above the 50-, 100-, and 200-H SMA and the 4H RSI has also surged above 60 — both indicating a good buying pressure in the market. Further intensifying the bias is the MACD curve that has comfortably gone inside the positive territory.

With the previous in-term resistance level near 226.06 no longer in play, we can safely assume it as a temporary support in this under-construction new range. Automatically, the upside pressure has also shifted towards 232.91 fiat. This is the level we will watching for the rest of the day.

A break above 232.91 would instantly validate an upside target near 235 fiat — opening some decent long opportunities. However, we would also be reminding you all to place your stop loss somewhere below 232 to ensure a timely exit in case of a downside correction — it can happen.

Conversely, a break below the current support would open short opportunities towards 222.52 — the current primary downside target. However, make sure to place your stop loss right above 226.06 to churn out as much profit as you can in case of bias reversal.