FxWirePro: BTC/CNY faces strong support at 10 4H MA, break below confirms minor weakness
BTC/CNY has formed a temporary top around 15800 and shown a minor decline from that level (BTCCHINA). It is currently trading around 14979 at the time of writing. The pair has formed a minor bottom around 12267 and any f…
By Sujha Sundararanjan
Updated 1 min read
Image from the original EconoTimes article
BTC/CNY has formed a temporary top around 15800 and shown a minor decline from that level (BTCCHINA). It is currently trading around 14979 at the time of writing. The pair has formed a minor bottom around 12267 and any further weakness can be seen below that level.
Ichimoku analysis of 4-Hours shows:
Tenkan-Sen level: 14428
Kijun-Sen level: 13642
Major reversal level -12267 (May 21st low)
Long-term trend remains to be bullish. BTC/CNY faces minor support at 10 4H MA and break below targets 12267/11567 in the short term.
Minor resistance is seen at 15400 and any break above targets 15800/16065 (100% projection from 8060 to 11277 to 9633)/16760 (138.2% projection of 6119 to 11277 from 9633). Short term support is around 14640 (10- 4H MA) and any break below will drag the pair till 12267 (May 21st 2017 low)/11567 (89 4H EMA).
It is good to sell below 14400 with SL around 15400 for the TP of 12300/11600.
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