Published On: Fri, Jul 8th, 2016

BTCCNY Technical Analysis – Another Breakout Looming?

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BTCCNY has formed higher lows and lower highs, creating a symmetrical triangle formation on its 4-hour time frame. Price is currently testing the triangle support and seems ready for a bounce.
RSI is on the move up, indicating that buyers are taking control of BTCCNY price action. Similarly, stochastic is turning higher so bitcoin price could follow suit. However, the 100 SMA appears to be crossing below the longer-term 200 SMA to show a buildup in selling pressure.
In that case, a downside break from the triangle support could still be possible. In that case, a longer-term selloff could ensue. But if buyers put up a fight, a test of the triangle resistance or even an upside breakout could be in the cards.
Yuan devaluation is taking place these days as the Chinese central bank and government are trying to adjust monetary policy to the growing global economic risks. This could discourage traders from putting money in the local Chinese markets and move their funds to alternative assets like bitcoin instead.
This has been one of the main factors that triggered a strong upside breakout and additional volatility in BTCCNY action in late May this year, leading to strong and sustained rallies …

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