FxWirePro: BTC/CNY faces trend line resistance at 17850, break above targets 18960
BTC/CNY has slightly declined after hitting high of 17688 at the time of writing (BTCCHINA). It is currently trading around 17406. Ichimoku analysis (4-Hours): Tenkan-Sen level: 16774 Kijun-Sen level: 15954 Major reversa…
By Sujha Sundararanjan
Updated 1 min read
Image from the original EconoTimes article
BTC/CNY has slightly declined after hitting high of 17688 at the time of writing (BTCCHINA). It is currently trading around 17406.
Ichimoku analysis (4-Hours):
Tenkan-Sen level: 16774
Kijun-Sen level: 15954
Major reversal level -12267 (May 21st low)
Long-term trend remains to be bullish. BTC/CNY upside capped by trend line resistance and a break above targets 18960.
Minor resistance is around 17850 (trend line joining 15550 and 17287) and any break above targets 18253 (88.6% retracement 18962 and 12349)/18962. Short term support is seen at 16686 (23.6% retracement of 14602 and 17287) and any break below will drag the pair till 15904 (4H Kijun-Sen)/15675/14000.
It is good to buy on dips around 16600 with SL around 15940 for the TP of 18000/18950.
The Ripple-commissioned analysis connects custody with services such as payments, tokenization and stablecoin issuance, but gives no timeframe for the modeled gain.
