ForexMinute.com — Last 24 hours in the cryptocurrency market encountered Bitcoin maintaining its near-term bullish bias, though unable to extend it further amid a little selling pressure near the psychological resistance 240. Let’s take a further look at the price action during the April 30th trading hours below:
Bitcoin 4H Chart
As you can see the 4H BitFinex chart above, the Bitcoin price has succeeded to maintain its still-young bullish bias. The technical indicators back the theory as well, with 50-, 100- and 200-H SMA looking below the current price and the 4H RSI tagged just shy of 70 — an overbought threshold. The MACD curve is also trending inside a positive territory, confirming the sustenance of the prevailing near-term upside momentum, at least for now.
As told in our previous analysis, the Bitcoin price is still sighting 238 as its next channel resistance, with an upside risk towards 240, a point where it has already formed higher highs. At this occasion, it is likely that Bitcoin will attempt a short ABC correction, where price might test the red line near 233 once again. In case it happens, Bitcoin will once again establish a new consolidation range for itself, still maintaining a short-term bullish bias. At this time, the downside risk will remain to exist if price is unable to pass through the 240-mark. Conversely, the downside risk will be obliged to stay if price stays below the stop loss point 235, sighting 230 as its channel support.