ForexMinute.com — Last 24 hours in the cryptocurrency market saw Bitcoin declining despite being around the very same Greece crisis it was benefitting from. The price however managed to hold itself near important support levels, an action that might result into yet another bounce back. The Greek hype hasn’t died yet, and we are still to see some impressive trading action for the next 24 hours. Let’s check out the levels we’ll be keeping our eyes on:
Bitcoin 4H Chart
The 4H BitFinex chart above displays Bitcoin in a strong bullish bias, for the price is still trending above the 50, 100 and 200H SMAs and the 4H RSI is above 50, maintaining the neutrality against the just-occurred selling signals. The MACD indicator meanwhile has dipped below the signal curve but is still maintaining the positive bias.
Based on the technical indicators, we can expect price to go sideways within a strict pattern for next few hours. It will however attempt to establish a certain breakout towards either directions. We would therefore be looking at the following levels to decide our ideal trading positions:
At first, we can surely watch Bitcoin attempting to invalidate the in-term support line near 265.64 fiat. If it does, it will simply validate 262.02 as the primary downside target. Here, we would be placing a short position towards the primary line, while keeping our stop loss near 267.97 to exit the market in case of volatile bounce back.
Conversely, a run towards the in-term resistance line near 277.28 would be facing a little strong hurdles on its way. If price tends to bounce back from the in-term support level, as it is doing now, we would be placing a long position towards a temporary upside target near 269.28 fiat. We will meanwhile be placing our stop loss near 267.88 to skip the trade in case of a bias reversal. It would only be upon crossing the 267-mark, the in-term resistance will be back in sight.