BTC/CNY has broken the all-time high of 18962 and hits fresh all-time high of 20221 yesterday (BTCCHINA). It is currently trading around 19580 at press time.

Ichimoku analysis 4-Hours shows:

Tenkan-Sen level: 19561

Kijun-Sen level: 18361

Minor reversal level -16500 (Jun 3rd low)

Long-term trend remains to be bullish. BTC/CNY downside capped by 23.6% fibo and any minor weakness can be seen only below that level.

Minor resistance is seen at 19710 (61.8% retracement of 20221 and 18908) and any break above targets 20220 (Jun 6th high)/21035. Short term support is around 19320 (23.6% retracement of 16500 and 20221) and any break below will drag the pair till 18900 (21 – 4H EMA)/18360 (4H Kijun-Sen).

It is good to buy on dips around 19320 with SL around 18350 for the TP of 20220/21035.