Bitcoin Price Analysis: BTC/CNY Remains Buy On Dips?
Bitcoin price is slowly moving higher against the Chinese Yuan and the US Dollar. The BTC/CNY pair is currently remains supported on the downside and may trade higher.
Yesterday’s highlighted bullish trend line on the hourly chart of BTC/CNY (data feed via BTCCHINA) is still in play and acting as a support at 5330-20.
Bitcoin Price Trend Line Support
The BTC to CNY is slowly heading higher, but there is no strong momentum as of yet. Yes, the price is above the 50% Fib retracement level of the last decline from the 5440 high to 5227 low, but it needs pace to break further higher.
It recently failed to break the 5370 resistance area, which also represents the 61.8% Fib retracement level of the last decline from the 5440 high to 5227 low. It won’t be easy for the BTC buyers to push the price above the stated level.
The BTC/CNY pair is currently correcting lower, and finding bids near a major support area in the form of a bullish trend line on the hourly chart of BTC/CNY (data feed via BTCCHINA). It is the same trend line as highlighted yesterday, which is still in play.
Moreover, the 100 hourly simple moving average is also around the same trend line. So, we can say that there is a major support formed near 5330-20 on the hourly chart. As long as the price is above 5300, there is a chance of it trading higher in the short term.
If there is a close below the 100 hourly simple moving average, there can be a downside move towards the last swing low of 5220.
The hourly RSI is currently below the 50 level, which is a bearish sign and may put some pressure on the BTC to CNY bulls.
Chart Source – TradingView.com and data feed by BTCCHINA