FxWirePro: BTC/CNY faces strong resistance around 5600, good to buy on dips
BTC/CNY is seen trading slightly below on Tuesday. The pair has made a high of 5599 and slightly declined till 5550 from that level (BTCCCHINA). It is currently trading around 5567 at the time of writing. Ichimoku analys…
By Sujha Sundararanjan
Updated 1 min read
Image from the original EconoTimes article
BTC/CNY is seen trading slightly below on Tuesday. The pair has made a high of 5599 and slightly declined till 5550 from that level (BTCCCHINA). It is currently trading around 5567 at the time of writing.
Ichimoku analysis of daily chart indicates:
Tenkan-Sen level: 5457
Kijun-Sen level: 5343
Trend reversal level - (100 days MA) – 4695
Long-term trend remains to be bullish. BTC/CNY faces strong resistance around 5600 and any break above will take the pair till 5678.
Major resistance -5600 (Dec 17th high) any break above that level will take the pair to next level till 5643 (161.8% retracement of 5399 and 5003)/5678 (161.8% retracement of 5507 and 5230). Short-term support is seen at 5515 (7- day EMA) and any break below targets 5475 (10- day MA)/ 5343 (daily Kijun-Sen).
