ForexMinute.com — Last 24 hours in the cryptocurrency market saw Bitcoin trending downwards amid a noticeable selling pressure. The sentient towards bears shifted almost abruptly; but, at the same time, the downside momentum slowed down near the medium-term downside bias we discussed in our previous analysis. The price, therefore, is still in daily bull pennant.
As we enter another day of trading, we have seen the invalidation of our previously prevailing support level. As a matter of fact, we are now in midst of a new range, with our previous downside target near 276.15 fiat now serving as the in-term support, and 279.92 fiat serving as the current in-term resistance level. These are the levels we’ll be keeping our eyes on for the rest of the day. Have a look:
Bitcoin 4H Chart
As you can see, the Bitcoin price is currently attempting to break above the in-term resistance level which, if happens, will influence us to put a long towards 281.71 fiat, our medium-term upside target. In case the corrective price action extends, we’ll be looking to place a similar long towards 283.59 fiat. On all these trades, our stop loss would be near 278.06 fiat.
Conversely, a run down below the said stop loss would have us put a short towards our in-term support level. On this trade, our new stop loss would be near 280.82 fiat to get us out of the trade in case the bias reverses.
Technicality-wise, Bitcoin is clearly trending inside a strong bearish bias, for the price has dipped below its 50, 100 and 200H SMAs and the RSI has also come down to 39. The MACD indicator, meanwhile, is also maintaining its negative bias and is further trending a way too below its signal curve.