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FxWirePro: BTC/CNY upside capped by 38.2% fibo, good to buy on dips

Wednesday, January 18, 2017 11:51 AM UTC

BTC/CNY has jumped till 6320 at the time of writing after breaking above 6000 levels (BTCCHINA). It is currently trading around 6156 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 5667

Kijun-Sen level: 6894

Major reversal level -5600 (89- day EMA)

Long-term trend remains to be bullish. BTC/CNY upside capped by 38.2% fibo and any break above targets 6600/6895.

Major resistance is seen at 6422 (38.2% retracement of 6320 and 4893) and any break above that level will take the pair to next level till 6600 (support turned into resistance)/6894 (daily Kijun-Sen). Short term support is around 5868 (60- day EMA) and any break below targets 5667 (daily Tenken-Sen)/5600 (89- day EMA).

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Digital Currency Revolution

FxWirePro: BTC/CNY upside capped by 38.2% fibo, good to buy on dips

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