BTC/CNY has broken the high made yesterday and jumped till 7928 at the time of writing (BTCCHINA). It is currently trading around 7799.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 7363

Kijun-Sen level: 7317

Major reversal level -6119 (Mar 25th low)

Long-term trend remains to be bullish. BTC/CNY faces strong resistance around 7920 (78.6% fibo) and any break above will take the pair till 8177/8400 likely.

Major resistance is around 7925 (78.6% retracement of 8400 and 6119) and any break above will take the pair till 8177 (Mar 13th high)/8400 (Mar 4th 2017 high). Short term support is seen at 7500 (23.6% retracement of 6119 and 7928) and any break below the will drag the pair down till 7317 (daily Kijun-Sen)/7200 (21 – day EMA).