ForexMinute.com — Last 24 hours in the cryptocurrency market saw Bitcoin extended its bullish momentum to another level. In fact, the price action clearly moved to flirt with August’s resistance levels (255-260 fiat). While the bull move is very healthy, we might expect some pullback as well considering the historical patterns of such price behaviors.
As we now enter another day of trading, we are now in the midst of a new trading range, where 257.11 fiat is serving as in-term resistance and 253.27 fiat is serving as in-term support level. What will be our intraday strategy for today? Let’s check out:
Bitcoin 4H Chart
The recent uptrend has strengthened the prevailing bullish momentum, for the price, as you can see the 4H BitFinex chart above, is now trending above the 50, 100 and 200H SMAs, while the 4H RSI has also surged above 60 — a clear buying area. The MACD indicator, on the other hand, is still maintaining its positive bias and has moved above its signal curve indicator.
We would definitely be watching for price to first test its intraday high near 257.11 fiat first, which brings some decent near-term trading opportunities for day traders. In case the level is broken, we will enter a quick long towards 259.68 fiat by keeping our stops near 255.91 fiat.
Looking the other way around, we can expect a pullback from resistance line as well. In case it happens, our first priority would be taking small profits out of range trades. Therefore, we will enter a short towards in-term support. If we break this level, we will enter a similar position towards our medium-term downside target near 252.23 fiat. On this trade, our stop loss will be near 254.07 fiat.