ForexMinute.com — Last 24 hours in the cryptocurrency market saw Bitcoin going shy on its in-term resistance line and failing to break below a notably strong range support level; thereby continuing to consolidate sideways within a predefined range. Let’s have a detailed discussion upon seeing the chart below:
Bitcoin 4H Chart
The 4H BitFinex chart above continues to show Bitcoin in a neutral mood, for the price is trending above its 100 and 200H SMA, but is close to footing above the 50H one. The RSI, on the other hand, has been dipped to 50 upon the occurrence of a big red candle in last few hours. The MACD indicator too has dipped towards the normal line, though still maintaining its positive bias.
We are therefore hoping that Bitcoin will continue sideways under ideal circumstances, between the temporary resistance line near 247.79 fiat and the in-term support level near 241.04. This naturally opens some low profit trades for all, and one should avoid placing any bet outside these parameters.
However, it would still be safe to discuss the possible levels that comes right after the invalidation of the said levels. For instance, if we get a break above the temporary resistance line, our intra-range target would be in-term resistance line near 249.67. A further volatility and we’ll be sighting 254.10 as our primary upside target. To bet on these trades, we would recommend our readers to wait for concrete bullish signs and place their stop loss near 244.30 in case the bias gets invalidated.
Conversely, a bounce back down towards the in-term support near 241.04 surely opens some decent short positions. A break below this line would instant validate 236.78 as the primary downside target. If you are planning to play on a breakout, make sure to place your stop loss somewhere near 242.