Bitcoin Price Analysis: BTC/CNY Makes New Record

Bitcoin Price Analysis

Bitcoin price blasted higher against the Chinese Yuan and the US Dollar. The BTC/CNY pair made a new all-time high and climbed above the 8500 level.

There is a new rising bullish trend line on the hourly chart of BTC/CNY (data feed via BTCCHINA), which may act as a support on the downside if the pair corrects lower towards 8300-400.

Bitcoin Price High

The BTC to CNY maintained its bullish bias and surged higher. There was a break above the last high, as the price moved higher and created a new all-time high at 8672. There was a clear break above 8000 and 8500 during the recent upside move.

The price was unfazed by any selling, and continue to rocket higher. Yesterday, there was a minor dip, as the price moved towards the 23.6% Fib retracement level of the last wave from the 7200 low to 7553 high.

The stated level acted as a support area, and helped the price is moving higher once again and break the 7553 high. Now, the price is trading around 7672 with no or very less chances of a correction in the short term.

The next stop for the BTC/CNY buyers could be around the 8800 level. If they remain in action, then 9000 may also be tested. If there is a correction, then an initial support on the downside can be around the 23.6% Fib retracement level of the last wave from the 7300 low to 8672 high.

Moreover, there is also a new rising bullish trend line on the hourly chart of BTC/CNY (data feed via BTCCHINA). It may provide support on the downside if the pair corrects lower towards 8300-400.

The hourly RSI for BTC/CNY stayed in the overbought levels with no sign of a correction.

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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