ForexMinute.com — Last 24 hours in the cryptocurrency market saw Bitcoin attempting some volatile upside actions after declining during most of the yesterday’s session. As we now head into the European session, can we expect the uptrend to continue, or will it switch back to old bearish actions upon testing the intraday high near 242.98 fiat. Let’s have a look:
Bitcoin 4H Chart
The 4H BitFinex chart above displays Bitcoin in a near-term bullish bias, for the price has neatly surged above its 50 and 100H SMAs due to the recent buying signals. The 4H RSI, meanwhile, has also jumped above 55, a slightly favorable buying area. The MACD indicator is also maintaining its positive bias, despite losing its upside sheen recently.
As price continues to form green candles, we can once again expect it to test our in-term resistance level near 247.12 fiat, while forming floors near 238.19, which is our in-term support level. These are the levels we are watching for our today’s intraday breakout analysis.
If we can get a run towards the in-term resistance, we can expect to go long on the medium-term upside target near 250.00 fiat. On this trade, our stop loss will be maintained near 245.54 fiat to get us out of the trade in case the upside action slows down.
On the downside, if Bitcoin reverts once again before/after testing the in-term resistance, it would have us put short towards 238.99, our temporary support level in current price action. A further break below this level would bring the in-term support in sight. The continuance in downward action could also lead our stop to 234.74, which is our primary downside target for today. In this case, our stop loss would be maintained near 239.39 fiat.