BTC/CNY is seen trading slightly above on Friday. The pair has recovered slightly till 5583 after declining till 4893 levels (BTCCCHINA). It is currently trading around 5445 at the time of writing.

Ichimoku analysis of daily chart indicates:

Tenkan-Sen level: 6894

Kijun-Sen level: 6894

Major reversal level -5600 (89- day EMA)

Long-term trend remains to be bullish. BTC/CNY upside capped by 89- day EMA and any break above confirms minor bullishness.

Major resistance is seen at 5600 (89- day EMA) and any break above that level will take the pair to next level till 6000/6266 (30- day EMA).  Short-term support is around 4705 (200- day MA) and any break below targets 4520 (Nov 3rd, 2016 low).