BTC/CNY is seen trading above on Wednesday and the pair is trading in a narrow range between 8177 and 7893 for the past two trading sessions (BTCCHINA). It is currently trading around 8037 at the time of writing.

Ichimoku analysis of daily chart indicates:

Tenkan-Sen level: 7830

Kijun-Sen level: 7539 

Major reversal level -6814 (89- day EMA)

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

Major resistance is around 8275 (88.6% retracement of 8400 and 7310) and any break above will take the pair till 8439 (88.6% retracement of 8896 and 4893)/8896 (Jan 5th, 2017 high). Short term support is seen at 7930 (10- day MA) and any break below will drag the pair till 7830 (daily Tenken-sen)/7570 (23.6% retracement of 8400 and 4893)/7510 (daily Kijun-Sen).