Bitcoin Price Analysis: BTC/CNY New High

Bitcoin Price Analysis

Bitcoin price climbed further higher against the Chinese Yuan and the US Dollar. The BTC/CNY pair broke the 7291 high and made a new high above 7400.

Yesterday’s highlighted connecting bullish trend line on the hourly chart of BTC/CNY (data feed via BTCCHINA) acted as a support near 7120 and pushed the price higher.

Bitcoin Price Upside Move

The BTC to CNY remained in action, and moved higher. There was a break above the last high of 7291, as the price moved past the 7400 handle. A new yearly high of 7465 was formed, and the price may be eyeing a test of 7500 soon.

Yesterday, the price moved down a few points, but found support. It not even tested the 23.6% Fib retracement level of the last wave from the 6600 low to 7291 high. The best part was yesterday’s highlighted connecting bullish trend line on the hourly chart of BTC/CNY (data feed via BTCCHINA).

It remained intact, and helped the market sentiment near 7120. The price gained traction once again, and broke the 7291 high. It looks like the price may continue to trade higher, and even challenge the 7500 level soon.

There is a new connecting bullish trend line on the hourly chart of BTC/CNY. It may act as a support on the downside near 7380. Moreover, the 23.6% Fib retracement level of the last wave from the 6880 low to 7465 high may also act as a support on the downside.

Any correction from the current levels near the trend line support or 7380 may find bids on the downside. A break below the trend line support may take the price towards the 50% Fib retracement level of the last wave from the 6880 low to 7465 high at 7175.

The hourly RSI for BTC/CNY is well above the 50 level, which is a positive sign.

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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