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FxWirePro: BTC/CNY downside capped by 9 –day MA, good to buy on dips

Monday, May 8, 2017 12:29 PM UTC

BTC/CNY has formed a temporary top around 9266 and slightly declined from that level. It is currently trading around 8775 at press time.

Ichimoku analysis of daily chart indicates:

Tenkan-Sen level: 8502

Kijun-Sen level: 8085

Major reversal level -7250 (Cloud bottom)

The long-term trend remains to be bullish. BTC/CNY faces strong support at 8400 (resistance turned into support) and any break below confirms minor bearishness.

Major resistance is around 9280 (138% retracement of 8400 and 6119) and any break above will take the pair till 9626 (100% projection of 4893 to 8400 from 6119)/10000. Short term support is seen at 8525 (23.6% retracement of 6119 and 9266) and any break below the will drag the pair down till 8400 (resistance turned into support)/8060.

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Digital Currency Revolution

FxWirePro: BTC/CNY downside capped by 9 –day MA, good to buy on dips

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