ForexMinute.com — Last 24 hours in the cryptocurrency market saw Bitcoin reaching to its in-term support level and correcting weakly. There was indeed some upside momentum but its effect couldn’t translate into a breakout, as we anticipated. Nonetheless, the price action provided enough — but not-so-decent — trading opportunities, with minimal entry-exit gaps.
As we enter day of trading, we are now looking at price stacked between the same range, with 284.86 still acting as the current in-term resistance level, and 273.86 as the in-term support one. For today, we will be placing our intraday trading strategy while keeping these levels in mind. Let’s check out the chart first:
Bitcoin 4H Chart
The 4H BitFinex chart above displays Bitcoin still maintaining its overall bearish bias. The price, as you can notice, is still below its 50H SMA, while is testing the 100H one closely. The 4H RSI meanwhile has improved due to recent weak buyouts, and has surged above 50. The MACD indicator, albeit above its signal curve, is still maintaining the negative bias.
Having explained so, the Bitcoin price action is still prone to face some bearish pressure during the today’s trading session. We will, therefore, be recommending traders to avoid entering on