After staying in a gloomy avatar for most of the recent days, the cryptocurrency market held high hopes after medium-term upside correction attempts made in Bitcoin charts. In the last 24 hours, we saw the digital currency inclining without a glitch, but soon lost momentum upon nearing its medium term upside target. A pullback scenario is, therefore, forming. Have a look:
As you can notice in the chart above, the Bitcoin price has trended smoothly upwards during the US session, but has fallen right ahead of touching the channel resistance near 233. As we enter the Asian session, we could notice some selling pressure near the psychological resistance near 230 that has resulted into two mildly looking red candles. At press time, the Euro session is just two hours away, starting which the Bitcoin price action would be more mature. The current bias however is more inclined towards bears, a reason we see an ABC correction happening anytime. As Bitcoin price moves downward, the primary downside target will continue to be held near 225, an ideal stop as well. A break below this point will bring back 222 fiat in sight, a threshold that will separate Bitcoin from a breakout towards 215. In case Bitcoin manages to float above the 222-225 range, we can expect it to retest the initial target near 230, with an upside risk falling towards 233.