FxWirePro: BTC/CNY downside capped by 38.2% fibo, good to buy on dips
BTC/CNY is consolidating after hitting a low of 17800 on Jun12th 2017 (BTCCHINA). The pair shown a minor jump till 19709 and is currently trading around 19353 at press time. Ichimoku analysis of 4-Hours indicates: Tenkan…
By Sujha Sundararanjan
Updated 1 min read
Image from the original EconoTimes article
BTC/CNY is consolidating after hitting a low of 17800 on Jun12th 2017 (BTCCHINA). The pair shown a minor jump till 19709 and is currently trading around 19353 at press time.
Ichimoku analysis of 4-Hours indicates:
Tenkan-Sen level: 19269
Kijun-Sen level: 19399
Minor reversal level -16500 (Jun 3rd low)
Long-term trend remains to be bullish. BTC/CNY faces minor support at 38.2% and any break below targets 18217.
Minor resistance is seen at 19785 (61.8% retracement of 20999 and 17800) and any break above targets 20220 (Jun 6th high)/21000. Short term support is around 19139 (55- 4H EMA) and any break below will drag the pair till 18400/17795 (Jun 8th 2017 low).
It is good to sell on rallies around 19680-19700 with SL around 20220 for the TP of 19000/17900.
