ForexMinute.com — Last 24 hours in the cryptocurrency market saw Bitcoin struggling to establish a near-term breakout on either sides. In our previous analysis, we had spoke about enough trading opportunities when the price action was being choppy. However, our focus was solely on the invalidation of the current range, that could have had us place our short/long positions accordingly. As it didn’t happen, our trades remained limited within a strict wave, offering us very little profits.
And now when we are in another day, with European session moments away from being started, what are the level we will be looking for our today’s intraday breakout strategy? Let’s check out.
Bitcoin 4H Chart
As you can see the 4H BitFinex chart above, we are still midst of a predefined range, with 287.01 fiat serving as the in-term resistance and 279.92 fiat as the in-term support level. We will be eying these levels as a part of our current intraday strategy.
At first, we will be waiting for price to break above the in-term resistance level to enable us to put a long towards 288.57 fiat, our medium-term upside target. A further break above this level would have us put a long towards 289.96 fiat which is clearly looking as our primary upside target for now. On these trades, our stop loss will remain to be near 285.57 fiat to ensure our exit in case the bias is reversed.
Conversely, a pullback from the in-term resistance level would have us put short towards the temporary support line near 282.59 fiat, with next target in sight near 279.92 fiat, our in-term support. If Bitcoin manages to extended its bearish action further, we would be sighting 276.15 as our primary downside target. On this trade, our stop loss will be near 281.03 fiat.