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Bitcoin Price Weekly Analysis – Top Created Near ¥3100?

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin Price Weekly Analysis Top Created Near yuan 3100. newsbtc bitcoin price news

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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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 is currently stalling more gains.
  • Buyers need to be very careful moving ahead, as a break below a major support trend line on the 4-hour chart (data feed from BTCChina) may call for a correction.

Bitcoin’s 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’s 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-hour chart (data feed from BTCChina), which is currently acting as a hurdle for sellers. However, the price is losing momentum, which is an early indicator that it may break down.

A break below the trend line and support area may start a bearish move and take the price lower. In this situation, the price could head towards the 100-hour simple moving average on the 4-hour chart.

Bitcoin Price Weekly Analysis

When we analyze the hourly chart with the data feed from Huobi, there is another support trend line formed. It looks like the price may break it and trade towards the 38.2% Fibonacci retracement level of the last wave from the ¥2870 low to ¥3100 high.

Looking at the Indicators

4H MACD – The moving average convergence divergence is under convergence, and it would be interesting to see if there is a rise in buyer’s sentiment.

4H RSI – The 4-hour relative strength index is above the 50 level with no signs of weakness.

Intraday support level – ¥3000

Intraday resistance level – ¥3100

 

Charts from BTCChina and Huobi; hosted by Trading View

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

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The highest standards in reporting and publishing
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