ForexMinute.com — Last 24 hours in the cryptocurrency market saw Bitcoin attempting a minor jump towards the range resistance line. But in reality, the market is currently heading nowhere. It has been all choppy as of late, and showing no settled bias. In a situation like this, we normally place our positions between the parameters, while waiting for breakouts.
Coming to our intraday breakout strategy, we are still in the midst of range we discussed in our previous analysis. While taking small profits from the recent long trades, we have preferred to keep our hands tight until price invalidates either of the range levels. What are these levels? Let’s check out:
Bitcoin 4H Chart
The range we are watching today is the same, where 240.49 fiat is serving as in-term resistance, and 236.23 fiat as in-term support level. It is important to notice that how, after every minor rally — price has retracted briefly. On a 4H chart, we have seen many of these small breakouts in recent days, only for being snapped down at later stages.
Our intraday breakout strategy tells us to play safe — within range. The current price pattern is preparing for an uptrend at press time. We will be placing a long trade towards the current intraday high near 240.04, while maintaining our stop loss near 237.96 for now. We will add to this position once the price breaks above the said peak level. Here, our upside target would be in-term resistance level.
Looking the other way, any form of deception from the prevailing uptrend would have us put a short position towards in-term support near 236.23 fiat. Based on the volatility during the downturn, we will decide whether we want to add to this position or leave the market on a small loss.