BTC/CNY is seen trading well above on Thursday, hitting a new high in two years. The pair has broken 161.8% fibo around 5680 and jumped till 6176 level (BTCCCHINA). BTCC/CNY is trading well above 6000 level. It is currently trading around 6075 at the time of writing.
Ichimoku analysis of daily chart shows:
Tenkan-Sen level: 5648
Kijun-Sen level: 5517
Minor resistance – 6200
Trend reversal level - (100 days MA) – 4730
Long-term trend remains to be bullish. BTC/CNY is trading well above 6000 psychological level and a jump till any break above will take the pair till 5955/6000.
Major resistance is seen at 6200 any break above that level will take the pair to next level till 6390 (161.8% retracement of 3168 and 5160). Short-term support can be noticed at 5950 (23.6% retracement of 6176 and 5230) and any break below targets 5870 (38.2% retracement of 5378 and 6176)/5760 (3- day EMA).
