BTC/CNY is trading in narrow range between 16744 and 18399 for the past five trading sessions (BTCCHINA). It is currently trading around 17850 at press time.

Long-term trend remains to be bullish.

Ichimoku analysis of daily chart states:

Tenkan-Sen level: 17576

Kijun-Sen level: 18871

Minor reversal level -16500 (Jun 3rd low)

BTC/CNY faces minor support at 17570 (50% retracement of 16744 and 18399) and any break below confirms minor weakness.

Minor resistance is around 18870 (daily Kijun-Sen) and any break above targets 19111 (61.8% retracement of 20400 and 16744)/19835. Short term support is seen at 17570 (50% retracement of 16744 and 18399) and any break below will drag the pair till 17000/16510 (55- EMA).

It is good to buy on dips around 17550-17600 with SL around 17000 for the TP of 18350/18800.