ForexMinute.com — Last 24 hours in the cryptocurrency market saw Bitcoin feeling the heat from upside levels and falling back inside the prevailing sideways range. The price thereby — one again — tested the in-term support lines (the ones we mentioned in our previous analysis). The downside momentum, at press time, is hinting to extend itself to form fresh parameters. Will it succeed? Let’s watch out:
Bitcoin 4H Chart
Bitcoin is currently trending between the predefined parameters, with 241.94 and 247.79 still acting as the in-term support and resistance levels, respectively. The price is clearly intending to retest the in-term support as of now, and may even break below the line to validate 237.09 fiat at the primary downside level. It is indeed a good short entry with a $4 reward, but we would still insist you all to keep a stop loss near 243 in case the downside momentum loosens up fuel.
In the meantime, we would have to consider in-term support to reinitiate a pullback towards the temporary resistance level near 245.23 fiat — like it has done on multiple occasions previously. A corrective bounce as such would once again validate a run towards the in-term resistance level,247.79 fiat. A break further above and we will enter long towards the primary upside target near 249.67 fiat.
Other than that, we would like to remind you the increasing bearish bias in the market. Bitcoin is clearly trending below the 50H SMA and the RSI has dipped towards early 40s. The MACD indicator is also trending inside a negative channel.