Bitcoin Price Analysis: BTC/CNY Remains Buy Dips
Bitcoin price gained further against the Chinese Yuan and the US Dollar found resistance. The BTC/CNY pair is now trading above 7300 and remains poised for more gains.
There is a nice bullish trend line formed with support at 7300 on the hourly chart of BTC/CNY (data feed via BTCCHINA), which can act as a buy zone on the downside if the pair corrects lower.
Bitcoin Price Support
There was continuing buying interest in Bitcoin price against the Chinese Yuan, as it moved past the all-important 7000 handle.
The price is in a clear uptrend, and recently traded as high as 7419 where it is finding tiny offers. So, there is a chance of a minor dip in the near term towards 7320. On the downside, the price remains supported near 7300.
There is also a major bullish trend line formed with support at 7300 on the hourly chart of BTC/CNY (data feed via BTCCHINA). So, we can say that the 7300 level is a good buy zone for the BTC buyers.
Moreover, the 23.6% Fib retracement level of the last wave from the 6600 low to 7419 high is also around the trend line support. So, if the price corrects lower from the current levels, then an initial support is at 7320.
However, the most important support is near the trend line at 7300. The best part is the fact that the 100 hourly simple moving average is also on the downside, waiting to act as support area. On the upside, the last high at 7419 is a resistance. Above it, the next hurdle can be near 7450.
The hourly RSI for BTC/CNY is well above the 50 level, and signaling positive signs for the BTC buyers.
Chart Source – TradingView.com and data feed by BTCCHINA