ForexMinute.com — Last 24 hours in the cryptocurrency market saw Bitcoin undergoing bearish correction after establishing an intraday high near 248.76 fiat. The price action somewhat repeated its movements during the October 6th trading session, where price first attempted an impressive rally but later abandoned it amid selling pressure near the intraday peak.
Meanwhile, our intraday breakout strategy was able to take out a decent profit from our short position — as discussed in our previous analysis. As we now enter another day of trading, the market is hopeful to act a little choppier. Will it continue its corrective trend, or reattempt a rally towards the intraday highs. Let’s check out:
Bitcoin 4H Chart
As you can see the 4H BitFinex chart above, the recent corrective action has brought us to the previous range, where 245.89 fiat is serving as in-term resistance and 242.99 fiat as in-term support. These are the levels we’ll be watching today.
We will first wait for a move above in-term resistance to validate 246.97 fiat as our medium-term upside target. In case of an extended bounce back, we’ll put our long trades towards intraday high near 248.76 fiat. On both these trades, we will also ensure to place our stop loss near 245.04 fiat from a risk management perspective.
Looking the other way, a run towards intraday low near 243.92 fiat would validate our short position towards in-term support. On this trade, we’ll maintain our stop loss just a little above the intraday low, so as to exit the market on a small loss and to avoid being chopped off from downside volatility.
The technical indicators jointly display a near-term neutral bias in Bitcoin market.