BTC/CNY is seen trading well above on Thursday. The pair made a high of 6898 and slightly declined from that level (BTCCHINA). It is currently trading around 6855 at the time of writing.

Ichimoku analysis of daily chart indicates:

Tenkan-Sen level: 6526

Kijun-Sen level:

Major reversal level -5797 (89- day EMA)

Long-term trend remains to be bullish. BTC/CNY upside capped by ichimoku cloud and any break above targets 7366.

Major resistance -6901 (cloud bottom) and any break above that level will take the pair to next level till 7366 (61.8% retracement of 8896 and 4893)/7500. Short term support is seen at 6400 (10- day MA) and any break below targets 6062 (60- day EMA)/5820 (89- day EMA).