FxWirePro: BTC/CNY upside capped by Ichimoku cloud, good to buy on dips
BTC/CNY has declined once again after hitting 7280 level (BTCCHINA) on Monday. It is currently trading around 7165 at press time. Ichimoku analysis of daily chart shows: Tenkan-Sen level: 7045 Kijun-Sen level: 7099 Major…
By Sujha Sundararanjan
Updated 1 min read
Image from the original EconoTimes article
BTC/CNY has declined once again after hitting 7280 level (BTCCHINA) on Monday. It is currently trading around 7165 at press time.
Ichimoku analysis of daily chart shows:
Tenkan-Sen level: 7045
Kijun-Sen level: 7099
Major reversal level -5976 (200- day MA)
Long-term trend remains to be bullish. BTC/CNY faces strong resistance around 7245 (Cloud bottom) and any close above confirms minor bullishness, a jump till 7528 likely.
Major resistance is around 7245 (Cloud bottom) and any break above will take the pair till 7400 (50- day MA) /7431 (Mar 21st high)/7528. Short term support is seen at 6937 (89- day EMA) and any break below the will drag the pair down till 6600/ 6434 (Feb 10th low)/6119 (Mar 25th, 2017 low).
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