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BTC/CNY has broken all time high of 14000 and hits fresh high at 15199 levels (BTCCHINA). It is currently trading around 14833 at the time of writing. The pair has formed a minor bottom around 12267 and jumped from that level.
Ichimoku analysis of daily chart indicates:
Tenkan-Sen level: 13633
Kijun-Sen level: 12950
Major reversal level -12990 (21 EMA)
Long-term trend remains to be bullish. BTC/CNY downside is capped by 4H Kijun-Sen and any minor weakness can be seen below that level.
Major resistance is around 15200 and any break above targets 16065 (100% projection from 8060 to 11277 to 9633)/16760 (138.2% projection of 6119 to 11277 from 9633). Short term support is seen at 12950 (4H Kijun-Sen) and any break below will drag the pair till 11785 (55 4H EMA)/11058.
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FxWirePro: BTC/CNY downside capped by 4H Kijun-Sen, break below confirms further weakness
Monday, May 22, 2017 12:03 PM UTC
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