- In one of the previous week’s analysis I suggested that buying favored in Bitcoin price near ¥2600. The idea played well as the price bounced and traded higher
- However, as stated earlier the ¥3100 resistance area holds the key, and currently stalling more gains.
- Buyers need to be very careful moving ahead, as a break below a major support trend line on the 4-hours chart (data feed from BTCChina) may call for a correction.
Bitcoin price gained heavily this past week, but it looks like a short-term top is created near ¥3100, and there is a chance of a down move during the upcoming week.
Sell with a Break?
Bitcoin price continued to trade higher this past week against the Chinese Yuan, but it looks like there is a major resistance forming near ¥3100. So, buyers should not rush chasing the price higher, as there is a chance of a break lower. There is a major bullish trend line formed on the 4-hours chart (data feed from BTCChina), which is currently acting as a hurdle for sellers.