Published On: Tue, Jul 12th, 2016

BTCCNY Technical Analysis – Heads Up for a Breakout!

Share This

BTCCNY is still stuck in its symmetrical triangle consolidation pattern visible on the 4-hour time frame. Price has been treading carefully lately as traders are likely waiting for bigger market catalysts.
China is set to print top-tier reports towards the end of the week, possibly giving BTCCNY additional volatility. Weak data could encourage more investors to move funds away from the local stock markets and yuan-denominated holdings onto alternative assets such as bitcoin. This has been the case in the past few months as Chinese investors reacted to yuan devaluation and potential capital controls.
The 100 SMA is below the 200 SMA on the 4-hour time frame, suggesting that the path of least resistance is to the downside. These moving averages could also hold as near-term inflection points. Stochastic hasn’t reached the overbought level but is already turning lower, indicating a return in selling pressure. Meanwhile RSI is treading sideways and barely offering any strong directional clues at the moment.
The major reports from China are up for release on Friday so consolidation could persist until then, unless central bank statements from Canada and the UK lead to huge swings in market sentiment. Analysts are expecting to see a smaller …

Read more –> click here all content is copyright Forex Minute.

Need Bitcoin marketing and PR? Get your own professional Bitcoin or cryptocurrency press release CLICK HERE..

Powered by ABITCO.IN

Leave a comment

XHTML: You can use these html tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Most Popular Posts

ALL Bitcoin News

Like what you’re reading?

Never miss any breaking Bitcoin news by following us on Facebook and Twitter!