BTC/CNY has once again recovered after making a low of 19108 levels (BTCCHINA). The pair shown a minor jump till 19600 and is currently trading around 19600 at the time of writing.

Ichimoku analysis 4-Hours indicates:

Tenkan-Sen level: 19703

Kijun-Sen level: 19488

Minor reversal level -16500 (Jun 3rd low)

Long-term trend remains to be bullish. BTC/CNY downside capped by ichimoku cloud and any close below confirms minor bearishness.

Minor resistance is around 19890 (61.8% retracement of 20400 and 19007) and any break above targets 20400 20999 (Jun 11th high). Short term support is seen at 18940 (cloud bottom) and any break below will drag the pair till 18595 (50% retracement of 20400 and 19007)/18000.

It is good to buy on dips around 19250 with SL around 18940 for the TP of 20400/20990.