FxWirePro: BTC/CNY downside capped by 38.2% fibo, good to buy on dips
BTC/CNY has shown a mild decline till 6905 after making a high of 7327 on Apr 11th, 2017 (BTCCHINA). It is currently trading around 7053 at press time. Ichimoku analysis of daily chart indicates: Tenkan-Sen level: 7116 K…
By Sujha Sundararanjan
Updated 1 min read
Image from the original EconoTimes article
BTC/CNY has shown a mild decline till 6905 after making a high of 7327 on Apr 11th, 2017 (BTCCHINA). It is currently trading around 7053 at press time.
Ichimoku analysis of daily chart indicates:
Tenkan-Sen level: 7116
Kijun-Sen level: 6723
Major reversal level -6119 (Mar 25th low)
Long-term trend remains to be bullish. BTC/CNY downside capped by 38.2% fibo, a break below targets 6500.
Major resistance is seen at 7431 (Mar 21st high) and any break above will take the pair till 7528 (61.8% retracement of 8400 and 6119)/7600/8000. Short term support is around 6860 (38.2% retracement of 8400 and 6119) and any break below the will drag the pair down till 6600/ 6434 (Feb 10th low)/6119 (Mar 25th, 2017 low).
The amount will be based on dividend proceeds after applicable deductions, while on-chain distributions will be reflected through the bStocks multiplier.
