Bitcoin Price Weekly Analysis – Top Created Near ¥3100?

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Key Highlights

  • 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 Weekly Analysis Bitcoin Price Weekly Analysis

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.

Read more ... source: NewsBTC USA

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