ForexMinute.com — Last 24 hours in the cryptocurrency market displayed Bitcoin breaking away from its previously prevailing sideways movements, and establishing a near-term bearish scenario towards the channel support. At press time, the price is holding itself above the same level and is attempting an obtuse correction towards the in-term resistance. Let’s have a look:
Bitcoin 4H Chart
The 4H BitFinex chart clearly indicates a medium-term bearish bias in the market. The price, as you can notice, is clearly situated below the 50-, 100-, and 200-H SMA, while the 4H RSI has also been dipped below 40 — clearly a selling area. The MACD blue curve meanwhile has dropped below the signal curve, while is still trending below the normal line. Its bearish at the end of the day.
As we have just crossed below the in-term support and have tested a new target near 231.61. The downside pressure however has failed to sustain amid a moderate buying pressure near the aforementioned level. The price therefore is sighting 233.85 as its in-term resistance for now. If this level is breached to the upside, it would open a profitable long positions towards 235.54.
In here, setting up your stop losses near 232.05 would ensure a decent risk reward in case the upside bias invalidates. In this case, the corrective movements will once again be inclines towards the previous target near 231.61.