FxWirePro: BTC/CNY downside capped by 7 – day MA, good to buy on dips
BTC/CNY is seen trading below in red on Monday and the pair has formed a temporary top around 8400 and declined from that level (BTCCHINA). It is currently trading around 8240 at the time of writing. Ichimoku analysis of…
By Sujha Sundararanjan
Updated 1 min read
Image from the original EconoTimes article
BTC/CNY is seen trading below in red on Monday and the pair has formed a temporary top around 8400 and declined from that level (BTCCHINA). It is currently trading around 8240 at the time of writing.
Ichimoku analysis of daily chart shows:
Tenkan-Sen level: 7850
Kijun-Sen level: 7417
Major reversal level -6620 (89- day EMA)
Long-term trend remains to be bullish. BTC/CNY downside capped by 7 –day MA and minor weakness can be seen only below that level.
Major resistance is seen at 8439 (88.6% retracement of 8896 and 4893) and any violation above targets 8896 (Jan 5th 2017 high). Short term support is around 8045 (7- day MA) and any break below targets 7934 (10- day MA)/7620 (21- day EMA)/7250 (daily Kijun-Sen).
The combined position reached $1.084 million at its peak, $407,500 above the reported cost; the transfer does not show that the trader realized that difference.
