FxWirePro: BTC/CNY faces strong resistance at 7600, good to buy on dipsdig
BTC/CNY is seen trading slightly below on Wednesday. The pair has broken 61.8% fibo at 7366 and jumped till 7450 levels (BTCCHINA). It is currently trading around 7364 at the time of writing. Ichimoku analysis of daily c…
BTC/CNY is seen trading slightly below on Wednesday. The pair has broken 61.8% fibo at 7366 and jumped till 7450 levels (BTCCHINA). It is currently trading around 7364 at the time of writing.
Ichimoku analysis of daily chart indicates:
Tenkan-Sen level: 6959
Kijun-Sen level: 6953
Major reversal level -6250 (89- day EMA)
Long-term trend remains to be bullish. BTC/CNY faces strong resistance at 7600 and any minor bullishness only above that level.
Major resistance is around 7600 (Feb 9th high) and break above will take the pair till 7739 (1.13% retracement of 7589 and 6434)/7951 (76.4% retracement of 8896 and 4893). Short term support is seen at 7138 (5- day MA) and any break below targets 6953 (daily Kijun-Sen)/ 6600 /6520 (60- day EMA) /6225 (61.8% retracement of 4893 and 7589).
