BTC/CNY is currently trading slightly below on Wednesday. The pair is trading in a narrow range between 7902 and 7300 for the past five trading sessions (BTCCHINA). It is currently trading around 7768 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 7461

Kijun-Sen level: 7168

Major reversal level -6456 (89- day EMA)

Long-term trend remains to be bullish. BTC/CNY downside is capped by 38.2% retracement and any break below confirms minor bearishness.

Major resistance is around 7951 (76.4% retracement of 8896 and 4893) and any break above will take the pair till 8300 (161.8% retracement of 7589 and 6434). Short term support is seen at 7518 (10- day MA) and any break below targets 7340 (38.2% retracement of 6434 and 7902)/7168 (daily Tenken-Sen).