BTC/CNY trades slightly above 161.8% fibo, jump till 7588 likely
BTC/CNY is seen trading above on Monday. The pair has broken the psychological resistance at 7000 and jumped sharply till 7300 levels (BTCCCHINA). It is currently trading around 7262 at the time of writing. Ichimoku anal…
BTC/CNY is seen trading above on Monday. The pair has broken the psychological resistance at 7000 and jumped sharply till 7300 levels (BTCCCHINA). It is currently trading around 7262 at the time of writing.
Ichimoku analysis of daily chart shows:
Tenkan-Sen level: 6675
Kijun-Sen level: 6236
Trend reversal level - (100 days MA) – 5021
The long-term trend is seen bullish. BTC/CNY trades slightly above 161.8% fibo and a jump till 7588 (Nov 30th, 2013 high) is possible.
Major resistance is around 7200 (161.8% retracement of 6966 and 6600) and any break above that level will take the pair to next level till 7558 (Nov 30th, 2013 high). Short-term support is seen at 6926 (5- day MA) and any break below targets 6560 (3- day EMA)/6500 (5- day MA).
