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BTC/CNY has shown a slight decline after making a high of 7377 (BTCCHINA). It is currently trading around 7150 at the time of writing.
Ichimoku analysis of daily chart shows:
Tenkan-Sen level: 7163
Kijun-Sen level: 7003
Major reversal level -6119 (Mar 25th low)
Long-term trend remains to be bullish. BTC/CNY faces strong resistance at 7430 and any minor bullishness only above that level.
Major resistance is around 7431 (Mar 21st high) and any break above will take the pair till 7528 (61.8% retracement of 8400 and 6119)/7600/8000. Short term support is seen at 6860 (38.2% retracement of 8400 and 6119) and any break below the will drag the pair down till 6600/ 6434 (Feb 10th low)/6119 (Mar 25th 2017 low).
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FxWirePro: BTC/CNY faces strong resistance at 7430, good to sell on rallies
Monday, April 24, 2017 12:49 PM UTC
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