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BTC/CNY breaks major resistance 6600, jump till 6720 likely

Tuesday, December 27, 2016 12:12 PM UTC

BTC/CNY is seen trading well above on Tuesday. The pair jumped sharply from the low of 6150 levels made on 25th Dec 2016 (BTCCCHINA). BTCC/CNY broken major resistance 6600 and is trading slightly above that level. It is currently trading around 6557 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 6069

Kijun-Sen level: 5911

Minor resistance – 6450

Trend reversal level - (100 days MA) – 4825

Long-term trend remains to be bullish. BTC/CNY facing major resistance at 6600 and any break above will take the pair till 6721.

Major resistance -6600 any break above that level will take the pair to next level till 6721/6876 (161.8% retracement of 6230 and 6599). Short term support is seen at 6320 (5- day EMA) and any break below targets 6150 (Dec 25th low)/ 6069 (daily Tenken-Sen).

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Digital Currency Revolution

BTC/CNY breaks major resistance 6600, jump till 6720 likely

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