BTC/CNY is seen trading low on Tuesday. The pair has shown a mild recovery after declining till 6597 levels (BTCCHINA). BTCC/CNY faces minor resistance at 6876 and any minor bullishness can be seen only above that level. It is currently trading around 6690 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 7012

Kijun-Sen level: 6758 

Major reversal level -6105 (89- day EMA)

Long-term trend remains to be bullish. BTC/CNY faces strong support at 38.2% fibo and a break below confirms further weakness.

Major resistance -6876 (38.2% retracement of 7589 and 6434) and any break above will take the pair till 7038 (10- day MA)/7152 (61.8% retracement of 7589 and 6434)/7366. Short term support is seen at 6571 (38.2% retracement of 4893 and 7589) and any break below targets 6434 (Feb 10th low)/ 6379 (60- day EMA) /6225 (61.8% retracement of 4893 and 7589).