FxWirePro: BTC/CNY struggles to close above 61.8% fibo, good to sell on rallies
BTC/CNY is trading in narrow range between 15550 and 14000 for the past two trading sessions (BTCCHINA). It is currently trading around 15180 levels at press time. The pair has shown a minor jump above 61.8% retracement …
By Sujha Sundararanjan
Updated 1 min read
Image from the original EconoTimes article
BTC/CNY is trading in narrow range between 15550 and 14000 for the past two trading sessions (BTCCHINA). It is currently trading around 15180 levels at press time. The pair has shown a minor jump above 61.8% retracement of 15680 and declined slightly from that level.
Ichimoku analysis 4-Hours shows:
Tenkan-Sen level: 14960
Kijun-Sen level: 15042
Major reversal level -12267 (May 21st low)
Long-term trend remains to be bullish. BTC/CNY faces major resistance at 61.8% fibo and close above confirms minor bullishness in the short term.
Minor resistance is around 15680 (61.8% 17750 and 12349) and any break above targets 16395 (61.8% retracement of 18962 and 12349)/18962. Short term support is seen at 15050 (21 -4H EMA) and any break below will drag the pair till 14400/12267 (May 21st 2017 low)/11567 (89 4H EMA).
It is good to sell on rallies around 15550 with SL around 16400 for the TP of 14400/12600.
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