BTC/CNY is seen plunging below on Wednesday. The pair has recovered slightly after declining till 7603 (BTCCHINA). It is currently trading around 7840.11 at the time of writing.

Ichimoku analysis of daily chart indicates:

Tenkan-Sen level: 8022

Kijun-Sen level: 7417 

Major reversal level -6674 (89- day EMA)

Long-term trend remains to be bullish. BTC/CNY downside is capped by 23.6% retracement and any break below confirms further weakness.

Major resistance is around 8018 (10- day MA) 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 7570 (23.6% retracement of 8400 and 4893) and any break below targets 7417 (daily Kijun-Sen)/7185 (61.8% retracement of 6434 and 8400).