BTC/CNY has formed a triple around 16750 and slightly recovered from the low of 16753 levels that was formed yesterday (BTCCHINA). It is presently trading around 17600 at press time.

Ichimoku analysis of 4-hours shows:

Tenkan-Sen level: 17347

Kijun-Sen level: 17509

Minor reversal level -16500 (Jun 3rd low)

Long-term trend remains to be bullish. BTC/CNY faces strong support at 16650 (50% fibo) and any break above confirms further weakness.

Minor resistance is around 18075 (55-4H EMA) and any break above targets 18300 (89 4H EMA)/18660 (50% retracement of 20400 and 16744). Short term support is seen at 16650 (50% retracement of 12349 and 2099) and any break below will drag the pair till 15981/15000.

It is good to buy on dips around 17250-300 with SL around 16650 for the TP of 18350/18800.