ForexMinute.com — Last 24 hours in the cryptocurrency market were pretty satisfying as Bitcoin continued to hold above its channel support near 290, thereby maintaining its overall bullish bias.
BTC/USD 4H BitFinex Chart
As you can see the chart above, the BTC/USD has clearly attempted an upside breakout after trending sideways until the close of European session. The price is now way too above the 50-H MA, while the RSI is somewhere near 65 — clearly a buying area. The MACD blue curve meanwhile is also above the normal line, but is bended slightly below the saffron signal curve. A majority of indicators indicate a strong bullish scenario in the Bitcoin market.
Meanwhile, one can also notice the two trendlines we have drawn to indicate the current channel support and resistance levels. As we can see, the purple line is clearly targeting 290 as its next channel support. Incidentally, the price has just tested 291 as its bounce back point. it overall signifies 290-291 as a good entry level point for traders.
The horizontal trendline have been drawn to pass through the two consecutive higher highs near 298, which are currently acting as the channel resistance, with an upside risk towards 300. The high selling pressure near the late 290s have previously incited some small corrections in last few days. So price indeed need to attempt a breakout at this level to invalidate our trendlines’ consolidation area. Meanwhile, 296 is acting as a good exit point.
The market therefore is hoping to trend within the 290-298 consolidation range, until incited by a breakout scenario towards either end.
Other Cryptocurrency (In Last 24 Hours)