ForexMinute.com — Last 24 hours in the cryptocurrency market brought no significant change in Bitcoin value, as it continued to trend in a sideway consolidation. The volume bars meanwhile showed no improvements as well, and the market remained stable.
There is indeed a certain fear in the market, as price is clearly trending near the prevailing support level around 210. There have been some little attempts to influence a bull run, but the negligent buying volume is not helping much. On the other hand, even bears seem to be sleeping on current trend, attempting no sell-offs to kick Bitcoin price below the aforesaid level.
Fundamental wise, there is some good news from USA. According to the recent reports, State of Utah has proposed a bill that open encourages the inclusion of Bitcoin into their existing economy. The move, if to reach its conclusion without being moderated, will indeed bring a lot of good business to Utah and might even create a one of its kind Bitcoin ecosystem. That is what market needs now — adoption from the users’ end. More demand will surely overgrow the excessive supply rate. A push or long term, indeed, if more countries and states begin to adopt this digital currency.
BTC/USD 4H BitFinex
As you see the 4H BitFinex chart above, the BTC/USD is clearly trading a stiff trading range — indicating the absence of enough volatility to move price in either direction. We have drawn two trend lines to indicate the where price stability may suffer before the breakout — which is likely to happen anytime in current scenario. We recommend you to watch out for 215-220 area in this case.
But overall, where price will go is tough to predict at this time. At press time, it is clearly indicating a near-term bull run towards the next resistance level around 233. But like in last few weeks, this particular resistance level could bleed the buyers and send price back towards the 210-support. By any chance price is able to break above the aforesaid resistance, it will be facing another giant in the form of 248.
To the downside, any break below 210 will extend the prevailing bearish bias in the market. This simply will bring the last month’s bottom around 165 back in sight. Anything below this support is a breakout, which can bring BTC/USD even to lower 100s.