ForexMinute.com — Last 24 hours in the cryptocurrency market saw Bitcoin holding between the range we discussed in our previous analysis. There were some equally powerful upside and downside movement, but they happened too simultaneously that none of the range parameters were broken.
The said movements somewhat helped us apply our intrarange trading strategies without incurring much risks. We also kept our eye on any chance of range invalidation to put forth our long/short positions — a part of our intraday breakout strategy. We therefore are still in the same position as we were from last two days. So what are these levels we’ll be looking out for? Let’s check out.
Bitcoin 4H Chart
As you can see the 4H BitFinex chart, the price action is now trending sideways, putting the overall bias sentiment neutral. The range we are watching today has 386.81 fiat serving as in-term resistance and 354.81 as in-term support level. These are the same levels we had discussed in our previous analysis.
We are currently looking to play between range; hence, our first action would be to go long on 386.81 fiat for a small profit. As such, we won’t be starting any new upside trades until this level is proven to be broken. If it does get broker, then we will place a small long position towards 396.72 as our medium-term upside target, while placing a stop near 381.96 fiat to get us out of the market in case the bias gets invalidated.
Similarly, a pullback from in-term resistance or the said upside target would put us back towards the downside targets — the primary being near 368.54 fiat. In case this level is broker, we will put an immediate short position towards 360.00 fiat.