- The Bitcoin price after trading as high as ¥3340 against the Chinese Yuan found resistance and started correcting lower.
- BTCCNY has cleared a major support area and looks set for more declines if sellers remain in control.
- A test of a major support area at ¥2200 is possible where there is a chance of buyers taking a stand.
Bitcoin price enjoyed a solid bullish ride recently, but it looks like it has started a corrective phase that might continue moving ahead.
The Bitcoin price after struggling to clear the ¥3400 level started to correct lower. However, it looks like the corrective rally has gone too far, as the price broke an important support area of ¥2500. The stated break might come as an encouragement for sellers to take the price further down. There was a flag pattern formed recently on the hourly chart, which was breached to clear the way for more losses.
The price is currently finding bids around ¥2340, which might ignite a small pullback in two waves. An initial resistance in this case may