BTC/CNY is seen trading well above on Wednesday, hitting a fresh year high. The pair broken the high made on yesterday and jumped sharply 6885 levels (BTCCCHINA). It is currently trading around 6859 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 6142

Kijun-Sen level: 5982

Trend reversal level - (100 days MA) – 4874

Long-term trend remains to be bullish. BTC/CNY facing major resistance at 6876 and any break above will take the pair till 7000.

Major resistance -6876 (161.8% retracement of 6230 and 6599) and any break above that level will take the pair to next level till 6935 (161.8% retracement of 6888 and 6810)/7000. Short-term support is seen at 6700 (23.6% retracement of 6150 and 6888) and any break below targets 6560 (3- day EMA)/6500 (5- day MA).