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FxWirePro: BTC/CNY upside capped by 7000 level, good to sell on rallies

Thursday, March 30, 2017 12:27 PM UTC

BTC/CNY is seen trading below on Thursday and the pair has jumped till 7000 level and has shown a mild decline from that level. It is currently trading around 6739 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 6775

Kijun-Sen level: 7234

Major reversal level -5799 (200- day MA)

Long-term trend remains to be bullish. BTC/CNY faces strong resistance at 7000 and any close above targets 7235.

Major resistance is around 7000 (38.2% retracement of 8400 and 6119) and any break above will take the pair till 7157 (21- day EMA)/7235 (daily Kijun-sen)/7431 (Mar 21st high). Short term support is seen at 6775 (daily tenken-Sen) and any break below the will drag the pair down till 6626 (cloud bottom)/6119 (Mar 25th, 2017 low).

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Digital Currency Revolution

FxWirePro: BTC/CNY upside capped by 7000 level, good to sell on rallies

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