ForexMinute.com — Last 24 hours in the cryptocurrency market saw Bitcoin retreating from Feb 18’s downtrend. In the meantime, the negativities surrounding the Bitcoin exchanges were further reflected in the trading volume, which dropped heavily within last 24 hours. The volatility was subsequently impacted.
BTC/USD 4H BitFinex Chart
As you can notice the chart above, the price is clearly heading north after reversing from the 38.2% Fib retracement around 232. As it continues to extend its bullish correction, the 50-, 100-, and 200-hours SMAs have been left below. Also, the RSI is clearly heading near 60 — clearly an overbought area.
In the meantime, you can also notice the narrowing Bollinger Band due to relatively less trading volume in recent days. This might be the impact of the closures and temporary suspensions of many Bitcoin exchanges.
At press time, the BTC/USD is sighting 246 as its next resistance level, a point which is almost coinciding with the buying threshold. To ensure a longer uptrend towards 268, price has to show some upside volatility around 246. Hence, it will simply bounce back to retest new bottoms around 223-227 area.
The bullish movements in Bitcoin charts have been followed by other cryptocurrency as well. In over the last 24 hours, Litecoin and Dogecoin has moved up by 1-2%, while Darkcoin has surged by 7%.