BTC/CNY has declined slightly after recovering till 17200 from the low of 16110 levels (BTCCHINA). It is currently trading around 16440 at press time.

Long-term trend remains to be bullish.

Ichimoku analysis of daily chart indicates:

Tenkan-Sen level: 17254

Kijun-Sen level: 18255

Minor reversal level -16500 (Jun 3rd low)

BTC/CNY upside capped by 23.6% retracement and any break above confirms minor bullishness.

Minor resistance is seen at 17265 (23.6% retracement of 20999 and 16110) and any break above targets 17549 (daily Tenken-Sen)/18000 (21- day EMA). Short term support is around 15739 (61.8% retracement of 12335 and 20999) and any break below will drag the pair till 14915 (89- day EMA).

It is good to sell on rallies around 16850-900 with SL around 17265 for the TP of 16110/15740.