ForexMinute.com — Last 24 hours in the cryptocurrency market were pretty great as Bitcoin neatly rallied above the key resistance levels near 281 and 286 without a sign of correction. Look further to know how:
BTC/USD 4H BitFinex Chart
The BTC/USD successfully pulled itself above the key upside risk near 281 — aligned with the 61.8% retracement level — and continued to trend upwards throughout the day. The buying pressure near the 281 support cleared that traders are currently playing long position towards the last week’s higher high near 294. As you can see the chart above, the price was just shy of testing 294 as its upside risk and is now waiting to be pulled back as a part of routine correction.
There is however a chance that Bitcoin might attempt to create new higher highs in next few hours, but the chances of moderate pull backs will exits until the 315-support is breached to the upside. The current dynamics meanwhile are looking very bullish. The price is very much above the 50H SMA and the RSI is currently situated inside an oversold region (around 75). The MACD indicator meanwhile is also trending forward in a very bullish zone.
A little correction could make price retest 286 as its new support, with a downside risk towards 281 — a point which seems to be a solid support level for the next rally. On the upside, the psychological resistance near 300 will continue to keep price below the long-term bullish area.
The influence of Bitcoin market is clearly visible on other cryptocurrency as well. In over the last 24 hours, Litecoin and Dogecoin has surged by 1-2%, while the Darkcoin price has surged by a massive 5% — similar to Bitcoin.