The pair has shown a mild short covering till 6860 after showing huge sell off till 6434 on Feb 10th 2017. BTCC/CNY struggling to hold at higher levels and started to show a dip from the high of 6860.It is currently trad…
The pair has shown a mild short covering till 6860 after showing huge sell off till 6434 on Feb 10th 2017. BTCC/CNY struggling to hold at higher levels and started to show a dip from the high of 6860.It is currently trading around 6685.63.
Ichimoku analysis of daily chart shows indicates:
Tenkan-Sen level: 7012
Kijun-Sen level: 6652
Major reversal level -6093 (89- day EMA)
Long-term trend remains to be bullish. BTC/CNY trades slightly below 21- day MA and a decline till 6095 likely.
Major resistance is around 7012 (daily Tenken-Sen) and any break above will take the pair till 7152 (61.8% retracement of 7589 and 6434)/7366/7595 (113% retracement of 7545 and 7150). Short term support is seen at 6430 (Feb 10th low) and any break below targets 6369 (60- day EMA) /6225 (61.8% retracement of 4893 and 7589).
Protocols may remain open while share trading, price references and redemptions follow slower schedules, complicating collateral sales and debt settlement.
