ForexMinute.com — Last 24 hours in the cryptocurrency market saw a much-awaited breakout in the Bitcoin prices. The in-term level we were keeping eyes on was neatly broken, and opened some good long opportunities towards the primary upside level — an analysis which still stands intact. As we enter another day of trading, let’s check what today’s chart tells about the market.
Bitcoin 4H Market
The bullish breakout has indeed changed the landscape of Bitcoin market. The 4H BitFinex chart displays the price in a solid near-term bullish bias, for it is above the 50-, 100-, and 200-H SMA and the 4H RSI has also surged above 60 — both indicating a good buying pressure in the market. Further intensifying the bias is the MACD curve that has comfortably gone inside the positive territory.
With the previous in-term resistance level near 226.06 no longer in play, we can safely assume it as a temporary support in this under-construction new range. Automatically, the upside pressure has also shifted towards 232.91 fiat. This is the level we will watching for the rest of the day.
A break above 232.91 would instantly validate an upside target near 235 fiat — opening some decent long opportunities. However, we would also be reminding you all to place your stop loss somewhere below 232 to ensure a timely exit in case of a downside correction — it can happen.
Conversely, a break below the current support would open short opportunities towards 222.52 — the current primary downside target. However, make sure to place your stop loss right above 226.06 to churn out as much profit as you can in case of bias reversal.