FxWirePro: BTC/CNY upside capped by 200- 4H MA, good to buy on dips
BTC/CNY has jumped sharply till 18388 from the low of 16753 made on Jun 2nd 2017 low (BTCCHINA). It is currently trading around 18201 levels. Ichimoku analysis of 4-hours chat shows: Tenkan-Sen level: 17740 Kijun-Sen lev…
By Sujha Sundararanjan
Updated 1 min read
Image from the original EconoTimes article
BTC/CNY has jumped sharply till 18388 from the low of 16753 made on Jun 2nd 2017 low (BTCCHINA). It is currently trading around 18201 levels.
Ichimoku analysis of 4-hours chat shows:
Tenkan-Sen level: 17740
Kijun-Sen level: 17570
Minor reversal level -16500 (Jun 3rd low)
Long-term trend remains to be bullish. BTC/CNY faces strong resistance at 18679 (200- 4H MA) and any break above confirms further bullsihness.
Minor resistance is around 18675 (200- 4H MA) and any break above targets 19111(61.8% retracement of 20400 and 16744). Short term support is seen at 17750 (4H Tenken-Sen) and any break below will drag the pair till 17400 (61.8% retracement of 15981)/17000/16650 (50% retracement of 12335 and 20999).
It is good to buy on dips around 17700 with SL around 17400 for the TP of 18350/18800.
The Ethereum Foundation said developers are examining EIP-8037’s possible effects on deployed contracts. No replacement activation date has been announced.
