FxWirePro: BTC/CNY downside capped by 5 –day MA, good to buy on dips
BTC/CNY is seen trading slightly below in red on Friday. The pair has broken the minor top of 7589 made on Feb 9th, 2017 and jumped till 7902 (BTCCHINA). It is currently trading around 7649 at the time of writing. Ichimo…
By Sujha Sundararanjan
Updated 1 min read
Image from the original EconoTimes article
BTC/CNY is seen trading slightly below in red on Friday. The pair has broken the minor top of 7589 made on Feb 9th, 2017 and jumped till 7902 (BTCCHINA). It is currently trading around 7649 at the time of writing.
Ichimoku analysis of daily chart indicates:
Tenkan-Sen level: 7170
Kijun-Sen level: 7035
Major reversal level -6307 (89- day EMA)
Long-term trend remains to be bullish. BTC/CNY downside capped by 5- day MA and any minor weakness only below that level.
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 7320 (5- day MA) and any break below targets 7170 (daily Tenken-Sen)/ 7018 (21- day EMA).
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