ForexMinute.com — Last 24 hours in the cryptocurrency market encountered Bitcoin trending sideways, quite cautiously, in absence of enough influential orders. The uptight horizontal movements also invalidated the existence of one definite bias, and continues to stay like this not until either one of the upside or downside direction extends.
Meanwhile, the altcoin market was a little stable due to Bitcoin’s calmness. In over the last 24 hours, key trading coins like Litecoin and Dogecoin surged only about 1% — same as Bitcoin which surged and dropped within the similar parameters. On the other hand, the lack of trading orders on the aforementioned cryptocurrency benefitted Dash, aka Darkcoin, which rocketed around 7% in the last 24 hours.
BTC/USD 4H BitFinex Chart
As Bitcoin continues to spend a majority of time between the 241-246 channel, these levels seemed to have been defining themselves as some sort of strong support/resistance levels until the next breakout comes into view. As you can see the chart above, a medium-term bias could only be validated if the direction towards either end extends above/below the aforesaid levels.
We therefore slate 247 as the primary upside target in case the upward bias extends. In case of a reversal, setting your stop loss near 244 would ensure a timely exit, and minimal loss. Meanwhile, in case the temporary support near 244 s broken, the pressure will simply fall on 241 as the key medium-term downside target. Therefore, a stop loss set near 244 will ensure a great exit.
Beware of the violent breakouts, meanwhile.