ForexMinute.com — Last 24 hours in the cryptocurrency market saw Bitcoin holding steadily near the new consolidation area between 266 and 269 with minimal fluctuations. The steady normality eventually influence other cryptocurrency as well, with Litecoin, Darkcoin and Dogecoin each attain stability in their respective USD markets.
From the look of it, it seems the negativity surrounding the Evolution marketplace has washed out and traders are looking at the market from a fresher perspective.
BTC/USD 4H BitFinex Chart
As you can see the chart above, the Bitcoin price currently sighting to cross above the Bollinger Band limit, while testing its 50H MA in the process. The temporary support has definitely shifted near 261, the point which marked the previous short upside correction. The RSI meanwhile has managed to float above 50 whole day, giving market a neutral position. And the MACD has almost aligned with the signal line, indicating yet another countdown towards moving into a positive territory. These indicators together indicate a neutral scenario in the Bitcoin market.
Things are looking smoother than the last few days. But it doesn’t mean it will remain to be. An overlong consolidation will ensure an equally vibrant breakout so traders should be ready to set their risk management plans. Let’s discuss the scenarios then.
The 269-seems to an ultimate resistance point as per the current price movements. Therefore, setting your exit points near 263 will ensure a timely exit in case the retest succeeds. However, in case the price extends above the resistance line, the pressure would likely fall on the 50H MA curve (at present it is around 271). Setting your long positions near this point would ensure a decent profit takeout. Make sure to set you long positions only when price breaks above 269. Do not go long towards until the 271 upside risk is breached.