BTC/CNY has taken support near 12267 (May 21st low) and shown a minor jump from that level (BTCCHINA). It is currently trading around 14947 at press time. The pair has formed a minor bottom around 12267 and any further weakness can be seen below that level.

Ichimoku analysis 4-Hours shows:

Tenkan-Sen level: 14612

Kijun-Sen level: 15649

Major reversal level -12267 (May 21st low)

Long-term trend remains to be bullish. BTC/CNY faces major resistance at 4H Kijun-Sen and break above confirms minor bullishness in the short term.

Minor resistance is seen at 15649 (4-H Kijun-sen) and any break above targets 16395 (61.8% retracement of 18962 and 12335)/18962. Short term support is around 14560 (55 -4H EMA) and any break below will drag the pair till 14400/12267 (May 21st 2017 low)/11567 (89 4H EMA).

It is good to sell on rallies around 15550 with SL around 16400 for the TP of 14400/12600.