Bitcoin Price Analysis: BTC/CNY Makes New Record
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.
Chart Source – TradingView.com and data feed by BTCCHINA