ForexMinute.com — Last 24 hours in the cryptocurrency market saw Bitcoin continuing in a bias-conflict range, with no breakouts in sight. The volume has visibly dried up inside the market, and we are seeing weak hands beginning to sell-off their holdings. There is, however, a strong in-term support level that is still posing as a good position to buy-in.
In our yesterday’s analysis, we had anticipated this said level to hold the price from falling into a graver bearish channel, and had also discussed the levels we’ll be sighting in case of a bounce back. As we now head into another trading session, the technicalities haven’t changed much and Bitcoin is still serving 273.86 as its in-term support and 282.82 as its new in-term resistance level. Let’s have a look:
Bitcoin 4H Chart
The 4H BitFinex chart above displays Bitcoin in a bias-conflict, mostly due to the dried volume inside the market — as we said above. The price is visibly trending below the 50 and 100H SMAs while, at the same time, is holding above its 200H SMA. The 4H RSI, likewise, has been bouncing between 40 and 47 lately, indicating a tight selling-buying ratio. The MACD indicator is maintaining its negative bias.
At this point of time, we are seeing price correcting from the in-term support line near 273.86, while sighting 282.82 fiat. The weak upside correction however is offering no profit opportunities at press time. We will, therefore, be looking for a break above the latter to validate our long position towards 289.98 — our primary upside target. On this trade, our stop loss will be near 281.39 to maintain our positive risk profile.
Conversely, a run towards 273.86 would make us put a short towards 264.39 as our primary downside target. On this trade, a stop loss near 275.26 would ensure to protect us from any loss in case the bias shifts direction.