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BTC/CNY is seen trading well above on Wednesday. The pair has made a high of 5682 after breaking psychological resistance around 5600 (BTCCCHINA). It is currently trading around 5671.92 at the time of writing.
Ichimoku analysis (Daily chart):
Tenkan-Sen level: 5457
Kijun-Sen level: 5343
Minor resistance – 5682 (161.8% retracement of 5507 and 5230)
Trend reversal level - (100 days MA) – 4711
Long-term trend remains to be bullish. BTC/CNY faces strong resistance around 5682 and any break above will take the pair till 5955/6000.
Major resistance -5680 (161.8% retracement of 5507 and 5230) any break above that level will take the pair to next level till 5984 (141.4% retracement of and 5230)/6050. Short term support is seen at 5515 (7- day EMA) and any break below targets 5475 (10- day MA)/ 5343 (daily Kijun-Sen).
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BTC/CNY faces strong resistance 161.8% fibo, break above targets 5985
Wednesday, December 21, 2016 11:57 AM UTC
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