BTC/CNY is seen trading well above, hitting a new high on Tuesday. The pair has broken the high of 7417 made yesterday and jumped till 7466 (BTCCCHINA). It is currently trading around 7370 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 6783

Kijun-Sen level: 6356

Major Trend reversal level – 6150 (Dec 25thg low)

Long-term trend remains to be bullish. BTC/CNY hits fresh multi- year high and the trend is still bullish, a jump till 7588 is possible.

Major resistance is seen at 7500 (psychological level) and any break above that level will take the pair to next level till 7588 (Nov 30th, 2013 high). Short term support is around 6949 (7- day EMA) and any break below targets 6796 (10- day MA)/6500.