ForexMinute.com — Last 24 hours in the cryptocurrency market saw Bitcoin failing to extend the bullish correction it attempted upon its last week’s steep fall. The price action noticeably lacked meat and, therefore, continued to stay within the prevailing range.
The disappointing movements in Bitcoin market further held us in close-knitted trades. And as we now enter another day of trading, we would hoping to face the same constrained action, between a predefined trading range, serving 260.47 as in-term support and 268.76 as the in-term resistance level. Let’s have a look:
Bitcoin 4H Chart
The 4H BitFinex chart shows Bitcoin in a strong bearish bias, for the price is a way too below the 50, 100 and 200H SMAs and the RSI, too, has sunk below 45 — indicating a huge selling pressure. The MACD indicator, meanwhile, is maintaining its prevailing negative bias, but is now above its signal curve due to recent bullish correction.
As we can notice, Bitcoin is nothing but mute for now, a price action that could incite volatility towards either levels. But due to the near-term bullish action, we would first be waiting for price to cross above the in-term resistance level to validate 271.74 as our medium-term upside target. In case the uptrend continues, we would be putting a long towards 276.15 fiat while maintaining our stop loss near 267.90 fiat to avoid being chopped in case of bias reversal.
Similarly, a run towards the in-term support level would have us put a short towards 256.47 fiat. On this trade, a stop loss near 261.07 would have us exit the trade in case the correction reappears.