ForexMinute.com — Last 24 hours in the cryptocurrency market saw Bitcoin continuing to consolidate sideways within the same range. The price action, which experienced occasional hiccups towards south, mostly appeared to be flat. It is evident that traders are shying away from appearing in the markets, as the volume indicator is tightening up.
In our previous analysis, we had anticipated price to move horizontally but has kept our near-term targets in sights to take out as much profit as we can. And as it appears now, one of the downside position we discussed did give us a good profit. The constantly narrowing Bollinger Band gap meanwhile influenced as to revise our range once again. So what are the levels we are watching out for today’s intrarange strategy. Let’s have a look:
Bitcoin 4H Chart
As you can see the 4H BitFinex chart above, the newly revised range we are watching for today has 332.05 fiat as in-term resistance and 315.21 fiat as in-term support line. We are currently hoping price to continue its sideways consolidation before triggering a move towards south. The technical indicators are very bearish at press time.
Our first intrarange position would therefore be a short trade towards 315.21 fiat, with sights towards 309.11 as our medium-term downside target. In both the trades, we will place our stop loss near 318.00 fiat to get us out of our trade in case there is bias invalidation.
Looking the other way around, an upside volatility would have us put a long position towards 328.97 fiat, while sighting in-term resistance as our secondary target should the uptrend extends. In this case, our stop loss would remain fixed near 326.00 fiat.