Bitcoin Price Weekly Analysis – Buy Near ¥2600?

Key Highlights

  • Bitcoin price surged higher this past week and briefly traded close to the ¥3000-3100 resistance area.
  • The price is currently correcting lower and approaching towards a major support trend line on the 4-hours chart (data feed from BTCChina).
  • Buying dips may be a good idea if the price trades near the ¥2600 support area.

Bitcoin price is following a nice bullish trend, and it looks like there are chances of more gains in the near term as long as the price is above 100 MA.

Buy Dips?

Bitcoin price rocketed higher this past week, and spiked above the ¥3000 resistance area against the Chinese Yuan. The price traded as high as ¥3100 where it found sellers for a downside move. There is a correction phase underway that may take the price lower towards a crucial bullish trend line on the 4-hours chart (data feed from BTCChina).

Bitcoin Price chartBitcoin Price chart



The most important point regarding the highlighted trend line is the fact that it is aligned with the 100 simple moving average. It suggests that there is a critical support area forming near ¥2600 and if the price

Read more ... source: NewsBTC USA