BTC/CNY has shown a huge decline after hitting all time of high of 20221 levels (BTCCHINA). The pair declined till 17796 and shown a minor recovery from the low. It is currently trading around 18815 at press time.

Ichimoku analysis 4-Hours shows:

Tenkan-Sen level: 19561

Kijun-Sen level: 18361

Minor reversal level -16500 (Jun 3rd low)

Long-term trend remains to be bullish. BTC/CNY faces strong support at 55- EMA and any break below confirms further weakness.

Minor resistance is around 19710 (61.8% retracement of 20221 and 18908) and any break above targets 20220 (Jun 6th high)/21035. Short term support seen at 17850 (55- 4H EMA) and any break below will drag the pair till 1720 (38.2% retracement of 12347 and 18962)/18360 (4H Kijun-Sen).

It is good to buy on dips around 18320 with SL around 17800 for the TP of 18962/20220.