BTC/CNY pair trades in a narrow range between 5716 and 6513 for the past 7 trading sessions (BTCCHINA). It is currently trading around 6232 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 6035

Kijun-Sen level: 6894

Major reversal level -5600 (89- day EMA)

Long-term trend remains to be bullish. BTC/CNY faces strong resistance at 6600 and any break above targets 6895/7366.

Major resistance is around 6600 (support turned into resistance) and any break above that level will take the pair to next level till 6894 (daily Kijun-Sen)/7366 (61.8% retracement of 8896 and 4893). Short term support is seen at 5933 (60- day EMA) and any break below targets 5684 (89- day EMA)/5515  (61.8% retracement of 4893 and 6513).