ForexMinute.com – Last 24 hours in the cryptocurrency market have been stable as Bitcoin managed to sustain above its respective key support level. Look further to know more:
BTC/USD 4H BitFinex Chart
After finding the bottom around 255 a few days back, the BTC/USD is currently attempting a near-term bullish correction in a bearish bias. As you can see the chart above, the current bullish flag is taking too long to resolve. On the other hand, the 12- and 26-hours EMA is almost indicating to intersect in next few hours, with MACD valuing around -1.23. These indicators overall suggest that the upward momentum is increasing.
The price is already above the 275-support and is now testing the 300-304 area as the next resistance level. The RSI, at press time, is around 55. It further indicates a growing bullish sentiment in the market. However, an intermediate-term bullish correction will be established only if the price crosses above the 320 area.
We however don’t rule out the possibility of bears attempting to resolve the current bullish, thus taking price back to test the previous bottom around 255. In case it is broken, the downtrend will likely be to transform into a bearish breakout towards lower 200s. Watch the RSI; it should remain above 50 to avoid such catastrophic falls.
The bullish corrections in Bitcoin chart have certainly influenced the price movements of other cryptocurrency. In over the last 24 hours, Litecoin, Darkcoin, Peercoin and Dogecoin each have surged 1-3% and likely to remain bullish under the impression of Bitcoin.