FxWirePro: BTC/CNY trades in narrow range, slight bullishness only above 6600
BTC/CNY is seen trading slightly above on Monday. The pair is trading in a narrow range between 6390 and 6157 for the past five trading sessions (BTCCHINA). It is currently trading around 6379 at the time of writing. Ich…
BTC/CNY is seen trading slightly above on Monday. The pair is trading in a narrow range between 6390 and 6157 for the past five trading sessions (BTCCHINA). It is currently trading around 6379 at the time of writing.
Ichimoku analysis of daily chart indicates:
Tenkan-Sen level: 6303
Kijun-Sen level: 6894
Major reversal level -5765 (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 6053 (21 day MA) and any break below targets 5895 (38.2% retracement of 4893 and 6513)/5765 (89- day EMA).
The higher 2026 target implies about $2.59 billion in second-half activity after Bakkt reported $410 million for the first half. A stablecoin-settled card program with Thredd is planned for a 2027 proof of concept.
