BTC/CNY is seen trading well below on Friday and the pair has shown a huge decline yesterday after jumping till 7589 level (BTCCHINA). It is currently trading around 6789 at the time of writing.

Ichimoku analysis of daily chart indicates:

Tenkan-Sen level: 7048

Kijun-Sen level: 6530

Major reversal level -6045 (89- day EMA)

Long-term trend reminds to be bullish. BTC/CNY faces major support at daily Kijun-Sen and any further weakness can be seen below that level.

Major resistance -7048 (daily Tenken-Sen) and any break above will take the pair till 7175 (61.8% retracement of 7589 and 6507)/7366/7595 (113% retracement of 7545 and 7150). Short term support is seen at 6660 (30- day EMA) and any break below targets 6530 (daily Kjun-Sen)/6225 (61.8% retracement of 4893 and 7589).