Traders officially love to buy BTCCNY around 41282.84 level


Bitcoin/CNY Index (BTCCNY) Technical Analysis Report for Aug 11, 2018 [1 min read]
Highlights
Traders officially love to buy BTCCNY around 41282.84 level
BTCCNY closes below its opening price unable to hold early session gains
BTCCNY finds buyers at key support level
BTCCNY unable to break through key resistance level
BTCCNY fails to close above 200-day moving average
TQ Sentiment
Report Sentiment: 50% Bearish
Technical Forecast:
Overview

BTCCNY finished Saturday at 43800.00 gaining CN¥2197.76 (5.28%) on low volume. Trading CN¥112949.99 higher after the open, BTC/CNY was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for BTCCNY
Volatility

Saturday's trading range was CN¥115517.15 (263.44%), that's far above last trading month's daily average range of CN¥28524.81. Weekly volatility is also higher, being above the markets average with the monthly volatility being slightly above average.

Price Action

In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bearish Outside Bar.

Support/Resistance

After trading as low as 41282.84 during the day, the market bounced off the key support level at 42666.82. The failure to close below the support might increase that levels importance as support going forward. Unable to break through the key technical resistance level at 156788.96, BTC closed below it after spiking as high as 156799.99 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward. Bitcoin was bought again around 41282.84 after having seen lows at 41602.24, 42518.76 and 41832.98 in the last three trading sessions. Obviously there is something going on at that level. After spiking up to 156799.99 during the day, the cryptocurrency found resistance at the 200-day moving average at 54054.20.

Trend

BTCCNY shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish.

Order Flow

With prices trading close to this year's low at 34311.49, downside momentum might accelerate should BTC/CNY break out to new lows for the year. Further selling could move prices lower should the market test July's nearby low at 34991.19.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bullish.

Market Conditions for Bitcoin/CNY Index
Condition Forecast Direction Win Avg Worst Best Events
Bearish Bounce off SMA 50 TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Bearish Bounce off SMA 100 TQ Pro Members Only
Bounced off Technical Support S1 TQ Pro Members Only
Bullish Spinning Top TQ Pro Members Only
More market conditions identified for TQ Pro members...
Learn more about TQ Pro
Trending Assets

Upgrade your trading!

Get the stats behind the charts

Find out what happened when Bitcoin/CNY Index traded like this in the past. See the odds for each technical pattern with expected gain and loss.

Signup
Crypto Currencies Top Movers
BTCUSD 6,266.7342.19 0.68%
TBOND 144.5620.687 0.48%
ASX 6,329.0029.40 0.47%
EURUSD 1.13460.0002 0.02%
DXY 96.580-0.025 -0.03%
GBPUSD 1.2696-0.0026 -0.20%
ETHUSD 279.29-0.83 -0.30%
USDJPY 110.74-0.41 -0.37%
NATGAS 2.939-0.016 -0.54%
Start your day with the facts moving the markets
By clicking "Subscribe", you agree to our terms and privacy policy.

Related Crypto Currencies

ETHUSD 10 day candlestick chart for ETHUSD279.29 -0.83
-0.30%
BTCEUR 10 day candlestick chart for BTCEUR5,522.95 40.09
0.73%
BTCJPY 10 day candlestick chart for BTCJPY691,087.60 185.57
0.03%
BTCCNY 10 day candlestick chart for BTCCNY45,870.00 1,702.44
3.85%
ETHEUR 10 day candlestick chart for ETHEUR246.09 -1.21
-0.49%
ETHJPY 10 day candlestick chart for ETHJPY30,812.28 -307.52
-0.99%
ETHCNY 10 day candlestick chart for ETHCNY2,046.72 56.09
2.82%
BTCGBP 10 day candlestick chart for BTCGBP4,933.61 38.22
0.78%
ETHGBP 10 day candlestick chart for ETHGBP220.14 -0.50
-0.23%
BTCUSD 10 day candlestick chart for BTCUSD6,266.73 42.19
0.68%