BTC/CNY has fallen drastically after breaking psychological level at 6000 and declined till 5700 levels (BTCCCHINA). It is currently trading around 5880 at the time of writing.

Ichimoku analysis of daily chart indicates:

Tenkan-Sen level: 7498

Kijun-Sen level: 7106

Minor weakness level – 861 (30- day EMA)

Major reversal level -786 (60- day EMA)

Long-term trend remains to be bullish. BTC/CNY downside capped by 89 – day EMA and any break below confirms further weakness.

Major resistance is around 6000 (Psychological level) and any break above that level will take the pair to next level till 6437 (30- day EMA)/ 6921 (38.2% retracement of 8896 and 5700).  Short-term support is seen at 5517 (89- day EMA) and any break below targets 5278 (cloud top)/4866 (cloud bottom).