BTC/CNY is seen trading below in red on Monday and the pair has formed a temporary top around 8400 and declined from that level (BTCCHINA). It is currently trading around 8240 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 7850

Kijun-Sen level: 7417 

Major reversal level -6620 (89- day EMA)

Long-term trend remains to be bullish. BTC/CNY downside capped by 7 –day MA and minor weakness can be seen only below that level.

Major resistance is seen at 8439 (88.6% retracement of 8896 and 4893) and any violation above targets 8896 (Jan 5th 2017 high). Short term support is around 8045 (7- day MA) and any break below targets 7934 (10- day MA)/7620 (21- day EMA)/7250 (daily Kijun-Sen).