ForexMinute.com — Last 24 hours in the cryptocurrency market offered several WTF moments, for Bitcoin continued to trend much inside the same trading levels we discussed in our previous analysis. There were hardly any breakthrough movements to give price a definite direction — upside or downside and our positions kept waiting for that one teasing breakout. Let’s look at the chart below to further understand the current technicalities of the Bitcoin market:
Bitcoin 4H Chart
The 4H BitFinex chart displays Bitcoin maintaining its prevailing near-term bias conflict, while hinting enough reasons for an expected bearish movement. The price, as you can notice, is still trending below its 50 and 100H SMAs, while the 200H one is still far below the current range. The 4H RSI, meanwhile, is bouncing near 48-50 area, while the MACD indicator is maintaining its negative bias. All these indicators point nothing, so there won’t be any point to decide on any particular sentiment for now.
With said so, the current flat action is also making us keep our trades out of the play zone, not until Bitcoin invalidates either of the levels above and below it. As you can clearly notice, the price is in the midst of a range in which 282.82 is still acting as the interim resistance and 273.86 as the support level. These are the two levels we are hoping to keep our eyes on for the rest of the day.
Our current position guarantees no decent profit, so we will first be waiting for price to break above the in-term resistance level, an action that would make us put our long position towards 285.26 fiat — our medium-term upside target. A further upside momentum would validate 289.10 as our primary upside target, with a stop loss near 281.65 just to exit the market in case the bias is invalidated.
Conversely, a break below 273.86 would put us shot towards the medium-term downside target near 270.00 fiat. A further movement towards the south will, meanwhile, validate 264.39 fiat as our primary downside target. On this trade, we’ll maintain our stop loss near 275.10 to avoid being chopped off in case of a bounce back.