Bitcoin Price Analysis: BTC/CNY Surge To Continue
Bitcoin price managed to move further higher against the Chinese Yuan and the US Dollar. There was even a break above 6000 in the BTC/CNY pair.
Yesterday’s tiny connecting bullish trend line on the hourly chart of BTC/CNY (data feed via BTCCHINA) acted as a buy zone and pushed the price higher.
Bitcoin Price Bullish Ride
The BTC to CNY surged further higher, as buyers remained in full control. The most important point is a break above a crucial resistance area of 6000. It is a major break and looks like there are chances of more gains in the near term.
We were looking to buy Bitcoins, and highlighted a tiny connecting bullish trend line on the hourly chart of BTC/CNY (data feed via BTCCHINA). It played well in acting as a support and pushed the price higher.
The price dipped a few points before gaining buyers near 5900 and then surged higher. During the upside move, the pair broke 6000 to trade as high as 6415. The price is currently in a solid uptrend, and it looks like there can be a move towards 6500.
There are very less chances of a downside move or correction at the moment. In case, there is a correction, an initial support could be around the 23.6% Fib retracement level of the last wave from the 5820 low to 6415 high.
There is also a connecting bullish trend line formed on the hourly chart of BTC/CNY (data feed via BTCCHINA). It can be considered as a buy area if the price corrects further in the short term towards 6200.
So, we can continue buying dips in BTC/CNY. The hourly RSI is still in the overbought readings, but with no sign of a correction in BTC/CNY.
Chart Source – TradingView.com and data feed by BTCCHINA