ForexMinute.com — Last 24 hours in the cryptocurrency market encountered a sluggish Bitcoin uptrend that somewhat blasted at the start of the Asian session. Here is the full report:
Bitcoin 4H Charts
As you can see the 4H BitFinex chart above, the Bitcoin price has clearly surpassed above the 50-H SMA, while the RSI is also shy of entering the overbought region. Meanwhile, the MACD curve have surfaced above the normal line and signal curve. These indicators jointly displays an established near-term bullish bias, sighting new upside parameters.
Here we are looking at a possible breakout that might have arise from a few fundamental factors related to Circle funding. We therefore can say that this strong uptrend might soon face a pullback upon teasing a certain upside levels, the primary being 235 that had initiated a downward slope during the April 25th trading session.
As the Bitcoin price hovers near 234 for now, 235 seems like an easy prime resistance to break. This would simply put pressure on the upside risk near 238-240 area. A further evidence of uptrend would only be ensured if this particular area is broken. Until and unless, there would be a huge chance of price attempting a pull back towards 230, with downside risk facing towards 227. In case you are hoping to enter long positions, it would be advisable to place your stop losses near 235 to ensure a timely and profitable exit. Conversely, setting your stop just shy of 236 will also ensure a decent risk profit.