ForexMinute.com — Last 24 hours in the cryptocurrency market were somewhat boring as Bitcoin continued to trend sideways amid very low volume. At the same time, other cryptocurrencies like Litecoin, Dogecoin and Darkcoin lifted between 0.5-2%, probably under the influence of Bitcoin’s slow uptrend.
BTC/USD 4H BitFinex Chart
After dropping heavily at the start of this week, Bitcoin price managed to sustain near the current support level around 232-234 area. The same level previously saved price from falling towards the new bottom near 227. It simply indicates a planned trading action that considers 232 as a good point to enter the market.
And this is what happened in last few days. After holding price for too long, the 232-support initiated a non-volatile rally towards the next resistance levels. The slow uptrend somewhat got interrupted near the 240-resistance during the February 24th trading session, and reverted towards the support again.
At press time, the technical indicators are displaying an intermediate neutral-bearish presence in the market. The price is very little below the 50H SMA, while the RSI is hovering near 47. The MACD blue curve, despite being below the normal line is slightly above the saffron signal curve.
In order to extend its near term bullish correction, price needs to cross above the 240-mark. But by the look of the current situation, there is an almost equal amount of buying and selling orders filling the books. The trading volume meanwhile continues to stay lower than usual. In case price drops below 232, the downside risk will be towards the 227 low. If falls extends further, the same old 210 support will come into sight once again.