ForexMinute.com — Last 24 hours in the cryptocurrency market were pretty great as Bitcoin managed to extend its prevailing bullish bias, and formed new higher highs above the 300-mark.
BTC/USD BitFinex Chart
As you can see the chart above, the Bitcoin price has rocketed through the strong resistance levels near 287 and 294, while is currently sighting 300 as its upside risk. The amount of traders buying in on the Wall Street spree has indeed added strength to an all-time weaker Bitcoin market. The bearish bias has faded for near-term and is hoping to evaporate for a brief time once the market passes above the 303 resistance level.
The chances of a pullback however is equally likely at the upside levels, however a temporary, yet stronger support near 287 will ensure they don’t turn volatile.
As per the technical indicators, the near-term sentiments are very well bullish. The Bitcoin price is notably way above the 50H MA, while the RSI is just below the overbought threshold 70. The MACD curve is also trending in a positive territory. At the same time, one can notice the blue curve being tilted a little towards south, indicating a short pullback in upcoming hours. In case it happens, the 61.8% retirement near 287 will keep the price from falling towards a stronger downside region.
Traders are recommended to set their stop losses near 288 in case the pullback extends.
Only Litecoin among all the top cryptocurrency seemed to been following the Bitcoin optimism. The coin’s value have risen 4.23% in over the last 24 hours, while Dogecoin and Darkcoin have both fallen by 2% and 13%, respectively.