ForexMinute.com — Last 24 hours in the cryptocurrency market saw Bitcoin resisting the prevailing downside volatility and attempting some quick correction towards the current range resistance. It therefore managed to execute a neat rebound from the double bottom level, but continued to feel the hear from the bears — overall. As we enter another day of trading, let’s check out the levels we will be watching for the next 24 hours.
Bitcoin 4H Chart
The 4H BitFinex chart displays Bitcoin attempting a clear rebound from the current in-term support level near 220.54, while targeting the in-term resistance target near 226.66 fiat. The price meanwhile is still in a heavy bearish bias, indicates its position which is still a way too below the 50-, 100- and 200-H SMA. Also, the 4H RSI is currently below 40 — indicating a strong selling pressure in the market. The MACD indicator is also inside the negative territory, further intensifying the bias.
In these times, traders are advised to avoid entering positions with long margins. For now, if the price breaks above 226.66, it will instantly validate the primary upside target towards 230 fiat. Despite the mouth-water position with a $4 margin, make sure to place your stop loss near 224.55 to ensure a timely exit in case of bias reversal.
Conversely, a run back towards the previous lower lows (near 219.64) below the in-term support will validate 213.91 as the primary downside target. You are advised to place your stop loss near 221.21 to churn out a decent profit, while keeping the risk tight.