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

Friday, December 16, 2016 1:07 PM UTC

BTC/CNY is seen trading above on Friday. The pair has once again jumped slightly after declining till 5416 levels (BTCCCHINA). It is currently trading around 5496 at the time of writing.

Ichimoku analysis of daily chart indicates:

Tenkan-Sen level: 5387

Kijun-Sen level: 5260

Trend reversal level - (100 days MA) – 4638

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

Major resistance is around 5530 (trend line joining 5175 and 5507) any break above that level will take the pair to next level till 5643 (161.8% retracement of 5399 and 5003)/5678 (161.8% retracement of 5507 and 5230). Short term support is seen at 5385 (10- day MA) and any break below targets 5310 (21- day MA)/5230.

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Digital Currency Revolution

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

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