ForexMinute.com — Last 24 hours in the cryptocurrency market encountered the failed attempts of Bitcoin to invoke a breakout from current consolidation channel. The market however stayed volatile enough to open near-term short and long positions for traders, a movement that also influenced other major altcoins to remain in a stiff trading range as well.
For instance, just like Bitcoin, Litecoin and Dogecoin fell only 1-2% in over the last 24 hours. While Dash, aka Darkcoin, saw a massive decline in its value due to more traffic towards Bitcoin trading market.
BTC/USD 4H BitFinex Chart
The current consolidation range is leaving no definite bias for Bitcoin. As you can see the chart above, the 50-H MA is gradually coming closer towards the current price levels; the RSI meanwhile is still trending inside a moderate selling region. The MACD blue curve is also inside a negative territory, contemplating a further near-term downside corrections in the Bitcoin market.
At this hour, the price is once again awaiting upside corrections near 241, the lower Bollinger Band. In case it happens, it will open long opportunities towards the next resistance near 246-247 area, while sighting the upside risk towards 249. Having looked, a stop just below 241 would ensure a timely exit in case the aforementioned norther movements invalidate. Though setting up an immediate short entry towards 238 will ensure a decent profit.