ForexMinute.com — Last 24 hours in the cryptocurrency market saw Bitcoin continuing to stay stuck in the same old range. It has been quite a few days since Bitcoin displayed any direction-defining action. For now, the price is bouncing between the parameters we have been discussing in our last few analysis (we’ll discuss it later in this article).
With this said, our intrarange strategy is still in play, while being prepared to pursue breakout should Bitcoin shows any upside/downside volatility. What are the levels we are watching for today then? Let’s check out in the following 4H BitFinex chart:
Bitcoin 4H Chart
The range we are watching today is the same we were watching yesterday – with 332.05 fiat acting as an immediate in-term resistance and 309.39 as in-term support fiat. Due to Bitcoin’s uttermost flat action lately, it is quite difficult to predict the direction it will want to pursue in next 24 hours. We will still place some risk assessment strategies to ensure best profits off our intraday trades.
At first, our primary target would be a long one towards 332.05 fiat, while maintaining our stops near 317.68 fiat in case the price pullbacks itself. It is a likely situation; however, we will also keep our eyes open to any sort of breakouts at in-term resistance level. In case it is breached, we will enter a quick long towards 338.81 fiat, our medium-term upside target while keeping our stop loss near 329.69 fiat.
Looking the other way, a pullback from resistance levels would make us put a quick short towards 322.00 fiat, the price level which is acting as a good temporary support from recent days. A break further and we’ll enter a similar position towards 309.39 fiat.