BTC/CNY is seen trading well above on Wednesday. The pair has broken a major resistance at 6600 and jumped till the level 6898 (BTCCHINA). It is currently trading around 6745 at the time of writing.

Ichimoku analysis of daily chart indicates:

Tenkan-Sen level: 6439

Kijun-Sen level: 6196

Major reversal level -5797 (89- day EMA)

Long-term trend remains to be bullish. BTC/CNY upside capped by ichimoku cloud and any break above confirms further bullishness.

Major resistance is around 6900 (cloud bottom) and any break above that level will take the pair to next level till 7366 (61.8% retracement of 8896 and 4893)/7500. Short term support is seen at 6350 (10- day MA) and any break below targets 6037 (60- day EMA)/5797 (89- day EMA).