ForexMinute.com — Last 24 hours in the cryptocurrency market encountered Bitcoin regain its lost upside momentum after successfully testing 281 as its primary bottom level. The impact of its recovery could also be seen on other cryptocurrency, including Litecoin and Dogecoin, that also moved 1-2% north inside the USD markets.
BTC/USD BitFinex 4H Chart
After breaking apart from the downward sloping channel at the start of this week, the BTC/USD is making impressive upside recoveries and is sighting 293 as its next resistance area with upside risk towards the previous higher high near 298 fiat. As can be seen in the chart above as well, the price is regaining the bullish bias by trending right above its 50-H MA, while its RSI at 58 is also indicating a notable buying pressure in the market. The MACD has surged above the normal line and the saffron signal curve, validating the near-term bullish bias.
From the look of it, the upside momentum seemed to have slowed down near 293. Trader thereby are recommended to set their short positions near 290 to ensure a timely exit in case the uptrend invalidates. However, if the price picks up momentum in next few hours, setting a long position near 297 would ensure a decent profit. Don’t leverage.