FxWirePro: BTC/CNY downside capped by 10 – day MA, buy on dips
BTC/CNY is seen trading above on Tuesday. The pair has jumped till 7305after breaking minor resistance at 7200 high made on Feb 18th, 2017 high (BTCCHINA). It is currently trading around 7396 at the time of writing. Ichi…
BTC/CNY is seen trading above on Tuesday. The pair has jumped till 7305after breaking minor resistance at 7200 high made on Feb 18th, 2017 high (BTCCHINA). It is currently trading around 7396 at the time of writing.
Ichimoku analysis of daily chart indicates:
Tenkan-Sen level: 6898
Kijun-Sen level: 6873
Major reversal level -6204 (89- day EMA)
Long-term trend remains to be bullish. BTC/CNY downside is capped by 10- day MA and any minor bearishness only below that level.
Major resistance is around 7366 (61.8% fibo of 8896 and 4893) and any break above will take the pair till 7600 (Feb 9th high)/7903. Short term support is seen at 6976 (10- day MA) and any break below targets 6898 (daily Tenken-Sen)/ 6600 /6496 (60- day EMA) /6225 (61.8% retracement of 4893 and 7589).
