BTC/CNY has recovered till 17111 at the time of writing after hitting low of 16110 on Jul 11th 2017 (BTCCHINA). It is currently trading around 16800 at the time of writing.

Ichimoku analysis of daily chart indicates:

Tenkan-Sen level: 17254

Kijun-Sen level: 18255

Minor reversal level -16500 (Jun 3rd low)

Long-term trend remains to be bullish. BTC/CNY upside capped by 5 day MA and any break above confirms minor bullishness.

Minor resistance is around 17178 (5- day MA) and any break above targets 17568 (10- ay MA)/17770 (21- day EMA). Short term support is seen at 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.