Bitcoin Price Analysis: BTC/CNY Remains Supported

Bitcoin Price Analysis

Bitcoin price remained in a range against the Chinese Yuan and the US Dollar during the past few hours. It looks like the BTC/CNY pair remains in an uptrend.

There is a new minor bullish trend line formed on the hourly chart of BTC/CNY (data feed via BTCCHINA), which can be considered as a buy zone at 5550.

Bitcoin Price Buy

The BTC to CNY remained in an uptrend, but at the moment seen trading in a range. There was a minor upside move in Bitcoin price, but it found sellers near 5580. At the moment, the price is correcting lower, and may trade down in the short term.

On the downside, there is a new minor bullish trend line formed on the hourly chart of BTC/CNY (data feed via BTCCHINA). It may act as a support major support on the downside at 5550, as the 100 hourly simple moving average is also positioned near it.

The price is currently above the 23.6% Fib retracement level of the last wave from the 5430 low to 5598 high, and may trade a few points lower in the near term. The trend line support may come into the picture in that case.

The 38.2% Fib retracement level of the last wave from the 5430 low to 5598 high is also just below the trend line support to act as a support. Overall, one may consider buying dips as long as the price is above the trend line support or 5500.

On the upside, the most important resistance is near 5580, followed by 5598. A break above these may open the doors for a move above 5600.

The hourly RSI is currently below the 50 level, suggesting a move towards the trend line support in BTC/CNY.

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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