BTC/CNY takes support at 10-day MA, good to buy on dips

BTC/CNY is seen trading below on Thursday. The pair has fallen drastically after showing a jump till 8896 (BTCCCHINA). It is currently trading around 7389.40 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 7527

Kijun-Sen level: 6973

Major Trend reversal level – 7120 (10- day MA)

Long-term trend remains to be bullish. BTC/CNY has taken support near 10- day MA and jumped from that level. So a slight weakness can be seen only below 10- day MA.

Major resistance -7821 (38.2% retracement of 8896 and 7150) and any break above that level will take the pair to next level till 8233 (61.8% retracement of 8896 and 7150)/8630 (Jan 4th, 2017 high)/8896. Short term support is seen at 7527 (daily Tenken-Sen) and any break below targets 7120 (10- day MA)/6973 (daily Kijun-Sen).