BTC/CNY is trading slightly high on Thursday and the pair has declined slightly till 6915 after jumping till 7250 levels (BTCCHINA). It is currently trading around 7070.60 at press time.

Ichimoku analysis of daily chart indicates:

Tenkan-Sen level: 6940

Kijun-Sen level: 7148

Major reversal level -5915 (200- day MA)

Long-term trend remains to be bullish. BTC/CNY faces strong resistance at 7259 (50% retracement of 8400 and 6119) and any break above targets 7528.

Major resistance is around 7259 (50% retracement of 8400 and 6119) and any break above will take the pair till 7431 (Mar 21st high)/7528. Short term support is seen at 6875 (daily tenken-Sen) and any break below the will drag the pair down till 6600/ 6434 (Feb 10th low)/6119 (Mar 25th, 2017 low).