ForexMinute.com — Last 24 hours in the cryptocurrency market saw Bitcoin crisscrossing its previous in-term support line. The price action meanwhile remained choppy enough to offer decent trade opportunities, maintaining higher highs and higher lows throughout the day.
As we enter another day of trading, the price has reentered its previous trading range, invalidating the one we had suggested in our previous analysis. The little upside action, however, had us made a decent profit from our long trade towards the current intraday high — near 238.41. So what are the levels we’ll be watching in this old-but-new range. Let’s check out:
Bitcoin 4H Chart
We are currently in midst of a new range, where 236.23 fiat is serving as the in-term support, and 240.49 as a distant in-term resistance level. Due to the recent choppy actions, we are also going to treat 238.24 fiat as a direction indicator to our trades.
At press time, we already have our short trades placed towards 235.09 fiat, our medium-term downside target, while maintaining our stop loss near 236.72 fiat. The price, as you can see in the 4H BitFinex chart above, is trending very close to the in-term support line. The currency downtrend is reported to have left many people margin called on their longs. We are therefore waiting for price to attempt some more southward action.
Looking the other way, any progressive attempt to go above 238.24 fiat will indicate us to put a long trade towards in-term resistance. On this trade, our stop loss would be near 236.94 fiat.