ForexMinute.com — Last 24 hours in the cryptocurrency market saw Bitcoin failing to continue its previously prevailing bullish bias. The upside action slowed down briefly near the range resistance level and was pulled back by moderate proportions.
Despite the slippery behavior, the price action respected the range we discussed in our previous analysis. It further hinted that how the current parameters are strong and could maintain a sideways rally for next few hours. With this said, the price might bounce between the current range and could provide some attractive positions to get in and out from. What is this range? Let us see after analyzing the chart as follows:
Bitcoin 4H Chart
The 4H BitFinex chart above displays Bitcoin in a near-term bullish bias, for the price is still trending above its 50 and 100H SMAs, while the 4H RSI has slipped to 50 — still a neutral region to bet on. The MACD indicator, meanwhile, is maintaining its overall positive bias, but has slipped below its signal curve due to the recent selling action. Overall, the technical indicator are hinting a bounce back, should the currency in-term support holds.
The range we are watching for today’s intraday breakout analysis, therefore, has 238.94 fiat serving as the in-term support, and 247.12 fiat as the in-term resistance level.
At first, we will be looking for price to bounce from support to retest in-term resistance level. A break above and it would validate 250.00 as our medium-term upside target. Meanwhile, a stop loss near 245.16 fiat would help us maintain our positive risk reward profile.
Looking at other way around, an attempt to retest support would make us put a short towards 234.74 fiat, our primary downside target for today. On this trade, our stop loss would be positioned near 240.06 fiat to get us out of trade should the bias is reversed.