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FxWirePro: BTC/CNY trades in narrow range, good to buy only above 6600

Thursday, January 26, 2017 12:00 PM UTC

BTC/CNY pair trades in a narrow range between 6513 and 6157 for the past 4 trading sessions (BTCCHINA). It is currently trading around 6235 at the time of writing.

Ichimoku analysis of daily chart indicates:

Tenkan-Sen level: 6086

Kijun-Sen level: 6894

Major reversal level -5707 (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 5951 (60- day EMA) and any break below targets 5707 (89- day EMA)/5515 (61.8% retracement of 4893 and 6513).

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FxWirePro: BTC/CNY trades in narrow range, good to buy only above 6600

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