Cryptocurrency Trading News: Bitcoin Price in Bias Conflict, Trending Sideways

8 — Last 24 hours in the cryptocurrency market saw Bitcoin trending sideways within a strict $9 parameter. We had feared price to extend its prevailing neutral bias pattern in our previous analysis, for it pushes the trend in bias conflict. The outcome of a bias conflict, as we have noticed multiple times in the Bitcoin market, is mostly a volatile breakout towards south. So, with this said, we will now be placing our risk strategies to ensure being exited in time of such a price action. Let’s have a look at the chart first:

Bitcoin 4H Chart

Cryptocurrency Trading News: Bitcoin Price in Bias Conflict, Trending Sideways

The 4H BitFinex chart above displays Bitcoin in a conflict bias, where price action is restricted within a limited trading zone. As we can see, the price is clearly attempting to stay above its 50H SMA, but is above its 100 and 200H SMAs. In the meantime, the 4H RSI is gradually diving into the strong selling area, and the MACD indicator, albeit maintaining its positive bias, has dropped below its signal curve. All these technical indicators point towards a near-term selling sentiment — prone to change with a minor retraction towards north.

Coming to our risk strategy, the price action has remained within a predefine in-term support and resistance level — 284.86 and 292.80 fiat, respectively —for most of the day. The potential trades for today lie within these parameters for today. However, we are wondering to wait for price to establish a certain bias before calling shots.

So, with this said, we will be looking for Bitcoin to break above 292.80 to validate 296.87 as our primary upside bias. A stop loss, meanwhile, around 290.76 fiat will maintain our risk profile — in case the price loses the upside momentum and falls back within the prevailing trading range.

Conversely, a run towards the in-term support level near 284.86 will validate 278.65 fiat as our primary downside target. Our short position, towards the primary line, is ensured in this case, while our stop loss will shift towards 286.64 to maintain our overall reward profile positive.