BTC/CNY slightly recovered after hitting a low of 16888 on Jun 15th 2017 (BTCCHINA). The pair shown a minor jump till 18388 and is currently trading around 17999 at the time of writing.

Ichimoku analysis of 4-Hours indicate:

Tenkan-Sen level: 17820

Kijun-Sen level: 18934

Minor reversal level -16500 (Jun 3rd low)

Long-term trend remains to be bullish. BTC/CNY upside capped by 89-4H EMA and any close above confirms minor bullishness.

Minor resistance is around 18350 (89- 4H EMA) and any break above targets 18750 (55 – EMA)/19709 (Jun 6th high)/20220 (Jun 6th high). Short term support is seen at 16660 (50% retracement of 12237 and 20990) and any break below will drag the pair till 15800 (200- MA).

It is good to sell on rallies around 18250-18300 with SL around 19000 for the TP of 16940/16660.