ForexMinute.com — Last 24 hours in the cryptocurrency market saw Bitcoin attempting to build another bull wave, but with undesirable results. The selling pressure near the intraday high somewhat stalled the previous uptrend, due to which Bitcoin experienced a sharp decline.
That doesn’t mean Bitcoin is completely out of the bullish zone. But for us day traders, it is currently offering no attractive opportunity make profitable returns. The price action has been acting sluggish in recent hours, showing us no direction to place our trades towards. With this said, what are the movements we can expect from today’s intraday analysis? Let’s check out:
Bitcoin 4H Chart
As you can see the 4H BitFinex chart, the recent price action has brought us in the midst of a new range, where 261.86 fiat is serving as in-term support and 269.70 fiat as in-term resistance level. These are the levels we are watching for today’s analysis.
Meanwhile, you can also notice how Bitcoin is maintaining its overall bullish bias by staying above its 50, 100 and 200H SMAs. However, the RSI and MACD has surely dipped below their bullish range.
One can see it as a routine corrective phase, which brings us to our first position of the day.
We will first be entering a short towards in-term support line as a part of our range trade strategy. If the price action manages to invalidate the floor, we will again enter a short towards 260.00 fiat, our medium-term downside target, while setting our stop somewhere near 262.94 fiat.
Looking the other way, a bounce back from in-term support line would put us long towards 266.90 fiat. This particular level has lately acted as a temporary resistance line. In case the price moved above it, we’ll enter a similar position towards in-term resistance while maintaining our stop loss near 264.18 fiat.