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FxWirePro: BTC/CNY faces strong resistance at 88.6% fibo, good to buy on dips

Tuesday, March 14, 2017 12:13 PM UTC

BTC/CNY pair has shown a mild decline after jumping till 8177 yesterday (BTCCHINA). It is currently trading around 7951 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 7830

Kijun-Sen level: 7539

Major reversal level -6814 (89- day EMA)

Long-term trend remains to be bullish. BTC/CNY faces strong resistance at 88.6% fibo level and any break above will take the pair till 8400.

Major resistance is around 8275 (88.6% retracement of 8400 and 7310) and any break above will take the pair till 8439 (88.6% retracement of 8896 and 4893)/8896 (Jan 5th, 2017 high). Short term support is seen at 7830 (daily Tenken-Sen) and any break below will drag the pair till 7570 (23.6% retracement of 8400 and 4893)/7510 (daily Kijun-Sen)/7300/7185 (61.8% retracement of 6434 and 8400).

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Digital Currency Revolution

FxWirePro: BTC/CNY faces strong resistance at 88.6% fibo, good to buy on dips

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