FxWirePro: BTC/CNY downside capped by 89–day EMA, good to buy on dips
BTC/CNY pair has shown a mild decline after jumping till 7431 yesterday (BTCCHINA). It is currently trading around 7224 at the time of writing. Ichimoku analysis of daily chart indicates: Tenkan-Sen level: 7396 Kijun-Sen…
By Sujha Sundararanjan
Updated 1 min read
Image from the original EconoTimes article
BTC/CNY pair has shown a mild decline after jumping till 7431 yesterday (BTCCHINA). It is currently trading around 7224 at the time of writing.
Ichimoku analysis of daily chart indicates:
Tenkan-Sen level: 7396
Kijun-Sen level: 7508
Major reversal level -6930 (89- day EMA)
Long-term trend remains to be bullish. BTC/CNY faces strong support at 89- day EMA and any break will drag the pair till 6610.
Major resistance is around 7566 (21- day EMA) and any break above will take the pair till 7710 (61.8% retracement of 8400 and 6616)/8177 (Mar 13th, 2017). Short term support is seen at 6940 (89- day EMA) and any break below will drag the pair down till 6640 (50% retracement of 4893 and 8400)/ 6430 (Feb 10th low)/6220/5670 (200- day MA).
