ForexMinute.com — Last 24 hours in the cryptocurrency market showed Bitcoin attempting some further upside corrections. It however continued to respect its moderately stretched trading parameters, while testing the in-term resistance level near 236.86. As it continues to hold itself near the aforesaid level, let’s check out how today’s trades will gonna play out.
Bitcoin 4H Chart
The 4H BitFinex chart is showing Bitcoin within a comfortable trade range, with price trading right above the 50-H and 200-H SMA curves. The 4H RSI meanwhile has been fluctuating between 49 and 59, confirming an equally strong selling and buying pressure in the market. The MACD indicator has also stretched itself above the normal line, indicating some attractive long trades in last few hours. These technical indicators jointly indicates a near-term bullish bias in the market.
Initially, the Bitcoin price is attempting to surpass above the in-term resistance level near 236.86. If this level is crossed, it will simply validate the primary upside risk level near 238.57 fiat, while keeping 240 in mind. The long opportunities are therefore open, but make sure to put your stop loss near 234.60 in case the upside corrections gets invalidated.
Conversely, if the Bitcoin price bounces back from the in-term resistance level, it would open decent opportunities towards the in-term support near 233.76 fiat. If this level is broken to the downside, the pressure will fall on the secondary level near 231.78 fiat.