Bitcoin Price Analysis: BTC/CNY Continue Its Upside Move

Bitcoin Price Analysis

Bitcoin price continued to remain in the positive zone against the Chinese Yuan and the US Dollar. The BTC/CNY pair made a minor dip yesterday before climbing higher.

Yesterday’s highlighted connecting bullish trend line on the hourly chart of BTC/CNY (data feed via BTCCHINA) is still in play and may act as a support near 6800.

Bitcoin Price Buy

The BTC to CNY continued to gain traction and moved to a new high. There was a minor dip yesterday close to the 6700 handle where the BTC buyers appeared. The price climbed higher and broke the last swing high of 6879.

A new weekly and monthly high of 6957 was formed, as the price remained just shy of the 7000 handle. During the dip, the 23.6% Fib retracement level of the last wave from the 6150 low to 6879 high acted as a catalyst support.

The most important part was yesterday’s highlighted connecting bullish trend line on the hourly chart of BTC/CNY (data feed via BTCCHINA). The price is once again facing sellers, and about to correct lower.

On the downside, the 23.6% Fib retracement level of the last wave from the 6150 low to 6957 high may act as a support. However, the most crucial support is near the same connecting trend line at 6800 or 6750.

The BTC/CNY pair remains in an uptrend, and any corrections may call for buy dips strategy. The price is also well above the 100 hourly simple moving average, and the 6600 support. So, it won’t be easy for the BTC sellers to jump and push the price down.

The hourly RSI for BTC/CNY has corrected from the overbought levels, and approaching the 50 level, which means the price is heading a support area.

Happy Trading!

Chart Source – TradingView.com and data feed by BTCCHINA

Aayush Jindal

Aayush has spent over EIGHT years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets.

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