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.