BTC/CNY is seen trading slightly below on Wednesday. The pair breaks psychological resistance at 7500 and jumped till 7545 levels (BTCCHINA). It is currently trading around 7340 at the time of writing.

Ichimoku analysis of daily chart states:

Tenkan-Sen level: 6947

Kijun-Sen level: 6487

Major reversal level -5994 (89- day EMA)

Long-term trend remains to be bullish. BTC/CNY breaks the high made on Jan 6th, 2017 at 7500 and this confirms minor bullishness a jump till 7785 likely.

Major resistance is seen at 7500 (Jan 6th high) and any break above that level will take the pair to next level till 7789 (161.8% retracement of 7545 and 7150)/7950. Short term support is around 7140 (7- day MA) and any break below targets 6945 (10- day MA)/6592 (30- day EMA).