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Digital Currency Revolution

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FxWirePro: BTC/CNY hits all-time high, further jump till 9600 likely

Friday, May 5, 2017 11:15 AM UTC

BTC/CNY has broken the all-time high made on 1st Jan 2107 at 8896 and jumped till 9266 levels (BTCCHINA). It is currently trading around 9104 at the time of writing.

Ichimoku analysis of daily chart indicates:

Tenkan-Sen level: 7986

Kijun-Sen level: 7810

Major reversal level -6332 (200- day MA)

Long-term trend remains to be bullish. BTC/CNY hits fresh all- time high trades well above 8400 and this confirms minor bullishness, jump till 8177/8400 likely.

Major resistance is around 9280 (138% retracement of 8400 and 6119) and any break above will take the pair till 9626 (100% projection of 4893 to 8400 from 6119)/10000. Short term support is seen at 8525 (23.6% retracement of 6119 and 9266) and any break below the will drag the pair down till 8400 (resistance turned into support)/8060.

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Digital Currency Revolution

FxWirePro: BTC/CNY hits all-time high, further jump till 9600 likely

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