ForexMinute.com — The cryptocurrency market has been pretty rough lately as Bitcoin price fell massively amid an extended bearish correction. Let’s have a look.
BTC/USD 1H BitFinex Chart
In our last analysis, we predicted 281 to hold the Bitcoin price from falling further into a downward sloping channel, while also suggested our readers to set their stop losses just shy of 289. Our analysis towards the next downside risk however proved to be marginally inaccurate as price clearly closed near 279 in last few hours, amid a no to slow trading volume day.
The downward trend however is hoping to take a break as some upside movements are visible in the chart above, sighting the next primary resistance near 281 with an upside risk towards 285 fiat. As per the technical indicators, the RSI and MACD indicators are indicating their heads toward north, signally a very little bullish correction as the time passes.
The hopes of a volatile rally should not be entertained for now. We are predicting Bitcoin price to now consolidate between 279 support and 282 resistance level. A break from either side would be able to further reflect the bias price will stay in for the rest of the Europeans and US session. At this hour, we therefore recommend our readers to set their stop losses just shy of 279 in case the bearish bias validates. A break above 281 will somehow open profitable long positions towards 285 fiat.
Under the influence of Bitcoin downward slope, other cryptocurrency such as Litecoin and Dogecoin has both fallen 2-5% in over the last 24 hours. Darkcoin meanwhile has surged around 2% within the same timespan.