Bitcoin Price Analysis: BTC/CNY Continues To Trade in Range
Bitcoin price remained in a range against the Chinese Yuan and the US Dollar, and it looks like the BTC/CNY pair may continue to consolidate for some time.
Yesterday’s highlighted range pattern on the hourly chart of BTC/CNY (data feed via BTCCHINA) is still intact and may continue to play a major role in the short term.
Bitcoin Price Resistance
The BTC to CNY showed no signs of a break during the past 24 hours and most traded in a range. The most important point was the fact that the price failed to overtake the 5200 resistance area.
Yesterday, I highlighted a range pattern with range resistance is at 5200 and the support lies at 5125, followed by the last swing low of 5087. The price continued to trade in the mentioned range, as there was no real momentum for either an upside move or a downside break.
Currently, the price is below the 100 hourly simple moving average, which means the chances of a downside move are more. However, the range support holds a lot of importance at 5125 and 5080.
It would be very difficult for the BTC sellers to break the stated range support. On the upside, this week’s highlighted bearish trend line on the hourly chart of BTC/CNY (data feed via BTCCHINA) is still intact and may act as a hurdle for the BTC buyers.
Moreover, the 50% Fib retracement level of the last decline from the 5325 high to 5087 low is also positioned just below the trend line resistance. So, it would be interesting to see how the price trades in the near term.
The hourly RSI is currently just below the 50 level, and remains flat to signal a range pattern in the BTC/CNY pair.
Chart Source – TradingView.com and data feed by BTCCHINA