ForexMinute.com — Last 24 hours in the cryptocurrency market have been pretty favorable for Bitcoin, as the coin managed to sustain its prevailing upward rally and former newer highs and lows. Take a look:
Bitcoin 4H Charts
As you can see the 4H BitFinex chart above, the Bitcoin price is now clearly heading above the 50-, 100- and 200-H SMA, while the 4H RSI is also trending smoothly in the buying region, above 60. The MACD blue curve is also trending inside a positive territory, right above the signal curve. The technical indicators overall suggests a medium term bullish bias in the market.
However in last few hours, as you can notice, the price action have beens slightly shifting towards the sideways, entering a short-term stiff consolidation. It may be an alarm of a downside swing that might take place due to low trading volume. The Bitcoin price is very well above its chart resistance at 240, but is meanwhile forming lower lows towards 238; thus, solidifying our views. In this case, we might expect price to retest 228 as its primary support, with downside risk falling towards 230-232 area.
If Bitcoin manages to sustain above any of the aforementioned support levels, it might retain its bullish momentum while testing 243 as its resistance. A break above this level, and we might see a smooth upside correction towards 246 fiat.