ForexMinute.com — Last 24 hours in the cryptocurrency market saw Bitcoin breaking yet another upside target amid a reasonably good volatility. The bull action, as we predicted in our previous analysis, neatly opened some decent long positions to what now serves as the new in-term resistance (near 299.11 fiat). We hope you were able to get a decent chunk of profits off this trade.
But as we enter another day of trading, there is a hint of retracement as well continuation in the current price action. For today, our intraday breakout strategy will be treating 299.11 as our current in-term resistance, and 294.28 fiat as our interim support level. Let us look at the chart first to understand it better:
Bitcoin 4H Chart
The 4H BitFinex chart displays Bitcoin in a near-term bullish scenario, for the price is now trending above its 50, 100 and 200H SMAs and the 4H RSI, too, is trending sideways above 60, despite the recent slippery behavior. The MACD indicator is also maintaining its positive bias and is notably going sideways at press time.
As the upside momentum visibly slowing down, our first move would be to wait for Bitcoin to break above the in-term resistance level, which would have us place a long position towards 304.20, our primary upside target. On this trade, a stop loss somewhere near 295 would ensure a timely exit in case of a bias reversal.
Conversely, a break below the interim support level would validate 292.10 fiat as our medium-term downside target. A further momentum would have us put a short towards 287.47, while the stop loss on this trade would be near 294.85 fiat.