BTC/CNY recovered sharply after forming a bottom at 17796 on Jun 8th 2017 (BTCCHINA). The pair jumped till 19680 and is currently trading around 18815 at the time of writing.

Ichimoku analysis 4-Hours shows:

Tenkan-Sen level: 18738

Kijun-Sen level: 18921

Minor reversal level -16500 (Jun 3rd low)

Long-term trend remains to be bullish. BTC/CNY faces minor resistance at 76.4% fibo at 19680 and any break above targets 20221.

Minor resistance is around 19680 (76.4% retracement of 20221 and 17906) and any break above targets 20220 (Jun 6th high)/21035. Short term support is seen at 18921 (4 H Tenken-Sen) and any break below will drag the pair till 18360 (38.2% retracement of 12347 and 20221)/17905.

It is good to buy on dips around 18800 with SL around 18300 for the TP of 20220.