FxWirePro: BTC/CNY trades below ichimoku cloud, decline till 16950 likely
BTC/CNY has broken major support of 18600 and declined 17850 at the time of writing (BTCCHINA). The pair has shown a minor jump till 18920 and breaks the low made yesterday. It is currently trading around 17561 at press …
By Sujha Sundararanjan
Updated 1 min read
BTC/CNY has broken major support of 18600 and declined 17850 at the time of writing (BTCCHINA). The pair has shown a minor jump till 18920 and breaks the low made yesterday. It is currently trading around 17561 at press time.
Ichimoku analysis of 4-Hours indicates:
Tenkan-Sen level: 18880
Kijun-Sen level: 18996
Minor reversal level -16500 (Jun 3rd low)
Long-term trend remains to be bullish. BTC/CNY trades below ichimoku cloud and a decline till 16950 likely.
Minor resistance is around 19076 (21-4H EMA) and any break above targets 19217 (55- 4H EMA)/19830 (Jun 25th high). Short term support is seen at 17650 (76.4% retracement of 16888 and 20400) and any break below will drag the pair till 16900 (Jun 15th 2017 low)/16650 (50% retracement of 12349 and 20999).
It is good to sell on rallies around 18000 with SL around 18600 for the TP of 16900/16600.
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