ForexMinute.com — Last 24 hours in the cryptocurrency market saw Bitcoin attempting to break above the currency range resistance, but failing marginally due to a strong selling pressure near the aforementioned level. The little volatility meanwhile opened some really attractive trade opportunities, a thing which continues to exist even in today’s trading hours. Let’s have an elaborated look:
Bitcoin 4H Chart
The 4H BitFinex chart above displays Bitcoin in a right range bound, where a strong in-term resistance near 226.66 is still in play — as we predicted in our yesterday’s analysis. In the meantime, there seems to be an equally strong buying pressure near the temporary support level near 222.60 fiat, as price has frequently rebounded from there in last 24 hours.
Despite the attractive price actions, Bitcoin is still trending inside a strong bearish channel. The price is notable below the 200-, 100- and 50-H SMA, while the 4H RSI is also aligned near 40 — a selling area. In the meantime, the MACD blue curve seemed to have taken an edge over the saffron signal curve, but is still lying inside the negative territory. The technical indicators overall indicate a near-term bullish bias — at least for now.
Bitcoin therefore is still sighting 226.66 as its in-term resistance level. If it manages to cross above this level, it would simply validate 230.63 as the next primary upside target. The run towards the aforementioned level truly brings some decent long opportunities for traders that are recommended to enter above the in-term resistance, while placing their stop losses near 225 in case the upside bias gets invalidated.
Conversely, a run towards the temporary support level near 222.60 will validate 220.54 as the next primary downside level. Despite being a decent short position, traders are recommended to keep their exit points a little above 222 to ensure a minimal loss if the downside bias invalidates.