BTC/CNY has broken major resistance of 7431 high formed on Mar 21st and jumped till 7777 (BTCCHINA). It is currently trading around 7651 at press time.

Ichimoku analysis of daily chart indicates:

Tenkan-Sen level: 7163

Kijun-Sen level: 7093

Major reversal level -6119 (Mar 25th low)

Long-term trend remains to be bullish. BTC/CNY trades well above 61.8% fibo (61.8 retracement of 8400 and 6119) and a jump till 8177/8400 likely.

Major resistance is around 8000 and any break above will take the pair till 8177 (Mar 13th high)/8400 (Mar 4th 2017 high). Short term support is seen at 7385 (23.6% retracement of 6119 and 7777) and any break below the will drag the pair down till 7159 (21- EMA)/7010 (89 – day EMA).