FxWirePro: BTC/CNY downside capped by 9 –day MA, good to buy on dips
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:…
By Sujha Sundararanjan
Updated 1 min read
Image from the original EconoTimes article
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.
