BTC/CNY is seen trading slightly above on Friday. The pair is trading between 7605 and 7998 for the past two trading session (BTCCHINA). It is currently trading around 7839.97 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 8001

Kijun-Sen level: 7498

Major reversal level -6674 (89- day EMA)

Long-term trend remains to be bullish. BTC/CNY downside capped by daily kijun-sen and any beak below confirms minor weakness.

Major resistance is around 8020 (10- day MA) and any break above will take the pair till 8107 (61.8% retracement of 8400 and 7603) 8439 (88.6% retracement of 8896 and 4893)/8896 (Jan 5th 2017 high). Short term support is seen at 7570 (23.6% retracement of 8400 and 4893) and any break below targets 7417 (daily Kijun-Sen)/7185 (61.8% retracement of 6434 and 8400).