BTC/CNY is seen trading above on Monday and the pair has recovered slightly after forming a temporary bottom at 6119. It is currently trading around 6989.55 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 6769

Kijun-Sen level: 7234

Major reversal level -5799 (200- day MA)

Long-term trend remains to be bullish. BTC/CNY faces strong resistance at 7130 (55-day EMA) and any break above targets 7400.

Major resistance is around 7130 (55- day EMA) and any break above will take the pair till 7235 (daily Kijun-sen)/7431 (Mar 21st high). Short term support is seen at 6600 and any break below the will drag the pair down till 6434 (Feb 10th low)/6119 (Mar 25th, 2017 low).