FxWirePro: BTC/CNY downside capped by 30 –day EMA, good to buy on dips
BTC/CNY is seen trading well above on Tuesday. The pair is showing a mild recovery today after a consolidation in a narrow range between 6390 and 6157 for the past five trading sessions (BTCCHINA). It is currently tradin…
BTC/CNY is seen trading well above on Tuesday. The pair is showing a mild recovery today after a consolidation in a narrow range between 6390 and 6157 for the past five trading sessions (BTCCHINA). It is currently trading around 6500 at the time of writing.
Ichimoku analysis of daily chart shows:
Tenkan-Sen level: 6303
Kijun-Sen level: 6894
Major reversal level -5765 (89- day EMA)
Long-term trend remains to be bullish. BTC/CNY faces strong support at 30- day EMA and any break below targets 6014.
Major resistance -6600 (support turned into resistance) and any break above that level will take the pair to next level till 6894 (daily Kijun-Sen)/7366 (61.8% retracement of 8896 and 4893). Short term support is seen at 6057 (21 day MA) and any break below targets 5895 (38.2% retracement of 4893 and 6513)/5776 (89- day EMA).
