Last 24 hours in the cryptocurrency market encountered Bitcoin moving sideways in a new consolidation range near the 230-support.
As it looks, the price is now hoping to bounce back towards north, while attempting to form a shoulder near the red line. Let’s have a look:As you can see the chart above, the Bitcoin price is currently trending above the 50-, 100- and 200-H SMA, while the 4H RSI has been trending sideways, between 40 and 50. In the meantime, the MACD blue curve is also moving inside a positive territory while being below the saffron signal curve. The technical indicators, at this point of time, indicate a neutral sentiment in the Bitcoin market, with a certain inclination towards bulls. The bias conflict is clearly visible at press time, where Bitcoin is clearly stuck within a consolidation range, between the in-term support and resistance near 233 and 236, respectively.
Naturally, the price action needs to break either of these levels to establish a medium-term bias. If we get a break below the 233-support, we are looking at Bitcoin retesting the downside risk towards 230. Conversely, a break above 236 similarly brings the upside risk near 238 in sight. During the downside movements, we would recommend our readers to place their stop losses just above 235 to ensure a timely exit.