Last 24 hours in the cryptocurrency market have been strictly okay as Bitcoin managed to hold itself above the primary downside risk near 290, but also lost its upside momentum at the same time, therefore trended sideways.
The Bitcoin’s bias conflict was clearly visible in other cryptocurrency as well, mainly Litecoin which almost tailed the former’s rally throughout the day. In over the last 24 hours, Litecoin has dropped by 0.80 percent. While at the same time, Darkcoin and Dogecoin have surged 3 and 1 percent, respectively.
BTC/USD 4H BitFinex Chart
Bitcoin is known to attempt a breakout once reaching to the verge of consolidation. As you can see the chart above, the price is clearly moving sideways near the 290-support while awaiting breakout towards either end. The last few hours have displayed a comparatively larger selling order than buying, indicating the bearish attempts to break below 290 and therefore clear the road for the current price bottom near 281.
The technical indicators meanwhile are also suggesting a near-term bearish correction. The price is clearly kissing the 50H MA, while the RSI is hinting to drop further below its current position 53. The MACD indicator, though is positive territory, has also its had down by a minimal degree.
We believe most of you have already set their stop losses near the 290 mark. In case the price pushes further below, calling short position near 281 would ensure a decent profit (only for leveraged trades). At the same time, in case the 290 level is tested successfully and price begins to regain bullish bias, calling long near 293 would also ensure a decent profit. There the primary upside risk will remain to be near 297.