ForexMinute.com — Last 24 hours in the cryptocurrency market has been pretty favorable as Bitcoin neatly formed a bullish flag amid a strong buying pressure. This happened despite the poor fundamentals around the Bitcoin exchanges. At first, it was Bter hack that shook the market while it was trending upwards, followed by a series denial-of-service attacks on other Chinese exchanges.
Even in last 48 hours, Canadian and UK Bitcoin exchange CAVIRTEX and Netagio, respectively announced to shutdown their trading services within a month, citing security and finance issues.
The sadistic events however didn’t impact the trading technicalities of Bitcoin market. In over the last few days, price seems to have formed a new bottom around 227 and is currently attempting to jump above 248 resistance level.
BTC/USD 4H BitFinex Chart
After reversing from 228, the BTC/USD attempted a steady bullish correction towards 248. The buying pressure however faded around this presumed peak, as shorting orders filed the books. This subsequently formed three little red candles at the end of the chart. One can assume it as an embarkment of a pullback though not sharp as expected.
The technical indicators on a 4H chart meanwhile are indicating a near-term bullish sentiment, opposed to the bearish sentiment on 1H chart. The price is currently very near the 50% fib retracement (around 241) and any break below this point will extend the pullback towards next support around 234.
The MACD blue curve however is all missionary on saffron signal curve, while staying right above the normal line (0.4258). In a way, price is just floating above a threshold, below which the bearish sentiment will prevail. Same says the RSI which is currently trending near 54 — a neutral position. If it goes below 50, then it indeed would be entering into a near-term bearish bias.
On a happy note, these price movements look more organic than the manipulated ones occurred at the start of this week.
In over the last 24 hours, Litecoin is looking steadier under the Bitcoin’s influence (surged 0.5%), while the next best cryptocurrency are struggling notably. They include: Darkcoin (-2.5%), Dogecoin (-1%) and Peercoin (-1.5%).