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FxWirePro: BTC/CNY downside capped by 50% fibo, good to buy on dips

BTC/CNY is seen trading slight below on Monday and the pair has slightly recovered after making a low of 6610 level (BTCCHINA). BTC/CNY is currently trading around 7151 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 7396

Kijun-Sen level: 7298

Major reversal level -6911 (89- day EMA)

Long-term trend remains to be bullish. BTC/CNY downside capped by 50% fibo around 6600 and break below confirms minor bearishness.

Major resistance is around 7300 (55- day EMA) and any break above will take the pair till 7625 (21- day MA)/8000/8275 (88.6% retracement of 8400 and 7310)/ 8400. Short term support is seen at 6640 (50% retracement of 4893 and 8400) and any break below will drag the pair till 6430 (Feb 10th low)/6220/5670 (200- day MA).

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March 27 08:00 UTC Released

DEIfo Expectations*

Actual

105.7

Forecast

104.3

Previous

104.0

March 27 08:00 UTC Released

DEIfo Business Climate*

Actual

112.3 %

Forecast

111.0 %

Previous

111.0 %

March 27 11:30 UTC 4848m

TRLoans to Non-Fin

Actual

Forecast

Previous

75.4 %

March 27 11:30 UTC 4848m

MXManufacturing Confidence*

Actual

Forecast

Previous

105.3 %

March 27 11:30 UTC 4848m

TRManufacturing Confidence*

Actual

Forecast

Previous

105.3 %

March 27 13:00 UTC 138138m

MXManufacturing Confidence*

Actual

Forecast

Previous

2.10 %

March 27 13:00 UTC 138138m

MXIGAE Econ Activity MM

Actual

Forecast

Previous

-3.294 %

March 27 13:00 UTC 138138m

MXIGAE Econ Activity MM

Actual

Forecast

Previous

0.40 %

March 27 13:00 UTC 138138m

KRTrade Balance SA*

Actual

Forecast

Previous

-0.783 bln $

March 27 13:00 UTC 138138m

MXIGAE Econ Activity MM

Actual

Forecast

Previous

0.40 %

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