BTC/CNY has broken major support around 16640 and declined till 16110 at the time of writing (BTCCHINA). It is currently trading around 16800 at press time.

Ichimoku analysis of daily chart indicates:

Tenkan-Sen level: 17576

Kijun-Sen level: 18572

Minor reversal level -16500 (Jun 3rd low)

Long-term trend remains to be bullish. BTC/CNY recovered sharply after breaking below 55- day EMA and any minor weakness can be seen only if it closes below 55- day EMA in daily chart.

Minor resistance is around 17291 (23.6% retracement of 20999 and 16110) and any break above targets 17549 (daily Tenken-Sen)/18000 (21- day EMA). Short term support is seen at 15739 (61.8% retracement of 12335 and 20999) and any break below will drag the pair till 14915 (89- day EMA).

It is good to sell on rallies around 17500 with SL around 18000 for the TP of 16110/15740.