ForexMinute.com — Last 24 hours in the cryptocurrency market displayed Bitcoin settling above the new channel support after completing a corrective price wave two days back. The price, at least for now, is trending away from the dangerous downward levels near 210-215 area and is trying to establish a near-term bullish bias, while testing 232 as its primary support level.
Bitcoin 4H Chart
As you can see the BitFinex 4H chart above, the Bitcoin price is clearly trending above its 50-H MA, while, at the same time, resting its legs near 232, the 100-H MA. The RSI meanwhile is marked above 60, indicating a near-term buying pressure. Also, the MACD blue curve is also trending ahead inside a positive territory, with its head tilted a little towards south. The indicators overall shapes up a medium-term bullish bias in the Bitcoin market.
At press time, the Bitcoin price will be looking towards establishing a strong ground near 230, its primary downside risk. Whilst, the upward pressure will simply fall on 240, the psychological resistance facing an upside risk towards 242-244.
Other than Bitcoin, it is Dash that seems to be having a comfortable time at the trading market. The former Darkcoin has surged 13% in over the last 24 hours. Whilst Litecoin is looking neutral at this point of time, dropping by only a minor number within the same time span.