BTC/CNY declined sharply after hitting a high 20999 levels (BTCCHINA). The pair declined till 19000 and is currently trading around 19537 at the time of writing.

Ichimoku analysis of 4-Hours shows:

Tenkan-Sen level: 19999

Kijun-Sen level: 19699

Minor reversal level -16500 (Jun 3rd low)

Long-term trend remains to be bullish. BTC/CNY faces minor support at 55- 4H EMA and any break below targets 18217.

Minor resistance is around 19699 (4H Kijun-Sen) and any break above targets 20220 (Jun 6th high)/21000. Short term support is seen at 19000 (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.