ForexMinute.com — Last 24 hours in the cryptocurrency market displayed no significant change in the Bitcoin prices, for its continued to consolidate sideways amid no buying/selling pressure. Let’s have a detailed look:
Bitcoin 4H Chart
As you can see the 4H BitFinex chart above, the Bitcoin price is continuing to trend beneath 50- and 100-H SMA, while the 4H RSI is between 40 and 50. At the same time, it is very well respecting the new channel support and resistance levels, situated near 233 and 238 respectively. The stubborn horizontal movement has therefore kept the MACD blue curve sideways, just below the normal line. The technical indicators jointly indicates a no-bias condition in the market, though with a hint towards a breakout.
As stated in our yesterday’s analysis, “an over stable period is considered dangerous in the Bitcoin market, for it ends up resulting into a bearish breakout in the end.” The landscape hasn’t changed much for the today’s analysis, where Bitcoin continues to stay vulnerable to extensive downward pressures. It is therefore important to note down the important levels to enter/exit the market.
In over the last 24 hours, we have seen Bitcoin retesting the channel support near 233 fiat. In case there comes a breakout condition, this would be the first downside target to hold the price from establishing a medium-term bearish bias. Prior to that, we are expecting Bitcoin to hold floors near 234-235 area.
Conversely, if price manages to float above any of the aforementioned levels, we can expect a small-to-medium upside corrections towards the in-term resistance 236, with a upside risk towards 238. A break above this level will clear the way towards 240 fiat.