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FxWirePro: BTC/CNY downside capped by 10 –day MA, good to buy on dips

Monday, February 27, 2017 12:36 PM UTC

BTC/CNY is seen trading slightly above on Monday. The pair has made a temporary top around 7902 on Feb 24th, 2017 and shown minor profit booking from that level (BTCCHINA). It is currently trading around 7712 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 7440

Kijun-Sen level: 7168

Major reversal level -6396 (89- day EMA)

Long-term trend remains to be bullish. BTC/CNY downside capped by 10- day MA and any minor weakness only below that level.

Major resistance is around 7951 (76.4% retracement of 8896 and 4893) and a break above will take the pair till 8300 (161.8% retracement of 7589 and 6434). Short term support is seen at 7400 (10- day MA) and any break below targets 7168 (daily Tenken-Sen)/ 7008 (61.8% retracement of 6434 and 7902).

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FxWirePro: BTC/CNY downside capped by 10 –day MA, good to buy on dips

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