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.