BTC/CNY is seen trading below in red on Wednesday. The pair has broken psychological support at 6000 and declined till 5799 levels (BTCCHINA). It is currently trading around 5920 at the time of writing.

Ichimoku analysis of daily chart indicates:

Tenkan-Sen level: 7262

Kijun-Sen level: 7163

Major reversal level -5600 (89- day EMA)

The long-term trend remains to be bullish. BTC/CNY faces strong support at 89- day EMA and any close below confirms further weakness.

Major resistance -6600 (support turned into resistance) and any break above that level will take the pair to next level till 6921 (38.2% retracement of 8896 and 5700)/7500. Short term support is around 5600 (89- day EMA) and any break below targets 5321 (cloud top)/4960 (cloud bottom).