FxWirePro: BTC/CNY struggles to close above Kijun-sen, good to buy on dips
BTC/CNY pair has declined slightly after jumping to 7250 levels (BTCCHINA). It is currently trading around 6980 at the time of writing. Ichimoku analysis of daily chart indicates: Tenkan-Sen level: 6875 Kijun-Sen level: …
By Sujha Sundararanjan
Updated 1 min read
Image from the original EconoTimes article
BTC/CNY pair has declined slightly after jumping to 7250 levels (BTCCHINA). It is currently trading around 6980 at the time of writing.
Ichimoku analysis of daily chart indicates:
Tenkan-Sen level: 6875
Kijun-Sen level: 7185
Major reversal level -5885 (200- day MA)
Long-term trend remains to be bullish. BTC/CNY faces strong resistance at 7259 (50% retracement of 8400 and 6119) and any break above targets 7528.
Major resistance is seen at 7259 (50% retracement of 8400 and 6119) and any break above will take the pair till 7431 (Mar 21st high)/7528. Short term support is around 6875 (daily tenken-Sen) and any break below the will drag the pair down till 6600/ 6434 (Feb 10th low)/6119 (Mar 25th, 2017 low).
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