ForexMinute.com — Last 24 hours in the cryptocurrency market saw Bitcoin successfully attempting a breakout towards upside, while establishing a weekly high towards 369.84 fiat.
As predicted in our previous analysis, traders were indeed waiting for sidelines before pushing a buying period into the Bitcoin market. The price successfully tested the previous in-term support near 315.59 fiat and wore an uptrend mood later on. As we enter into today’s European session, the price has already breached key upside targets, giving intraday traders enough opportunities to make profits from near-term long positions.
With this said, our strategy has now shifted from intrarange to intraday breakout. So what are the level we are eyeing for today? Let’s check out.
Bitcoin 4H Chart
As you can see the 4H BitFinex chart above, the Bitcoin price is now inside a new range, where price is treating 349.81 fiat as its newly-found in-term support and 361.23 fiat as its immediate in-term resistance target. These are levels we will be keeping our eye on for today.
We will first be waiting for price to form higher highs above the in-term resistance line, like it is doing at press time. For now, we have already placed a long position towards 365.00 fiat as our medium-term upside target, while sighting the intraday high near 370.6 fiat as primary one. On these traders meanwhile, our stop loss is maintained near 346.95 fiat.
Looking the other way around, a pullback from upside targets would have us put a short towards in-term support line, while targeting 345.07 as our immediate downside target. On this trade, our stop loss will be maintained near 351.34 fiat to get us out of the market in case the uptrend resumes.