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FxWirePro: BTC/CNY faces strong resistance at 6600, good to sell on rallies

BTC/CNY is seen trading slightly below on Monday. The pair has fallen drastically after showing a slight jump till 6587 levels (BTCCCHINA). It is currently trading around 6303 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 7498

Kijun-Sen level: 7106

Major reversal level -5570 (89- day EMA)

Long-term trend remains to be bullish. BTC/CNY faces major resistance at 6600 (support turned into resistance) and any break above confirms slight bullishness.

Major resistance -6600 (support turned into resistance) and any break above that level will take the pair to next level till 6921 (38.2% retracement of 8896 and 5700)/7500. Short term support is seen at 5517 (89- day EMA) and any break below targets 5316 (cloud top)/4960 (cloud bottom).

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2017-02-24 21:06:35
0m

February 24 19:00 UTC Released

AREconomic Activity YY*

Actual

-0.1 %

Forecast

-0.6 %

Previous

-1.4 %

February 24 15:30 UTC Released

USECRI Weekly Annualized*

Actual

10.5 %

Forecast

Previous

11.1 %

February 27 00:30 UTC 25002500m

AUCompany Profits Pre-Tax*

Actual

Forecast

Previous

3.6 %

February 27 00:30 UTC 25002500m

AUBusiness Inventories*

Actual

Forecast

0.5 %

Previous

0.8 %

February 27 00:30 UTC 25002500m

AUGross Company Profits*

Actual

Forecast

8.0 %

Previous

1.0 %

February 27 09:00 UTC 30103010m

EZLoans to Non-Fin

Actual

Forecast

Previous

2.3 %

February 27 09:00 UTC 30103010m

ITFlash Trd Bal Non-EU*

Actual

Forecast

Previous

5.68 bln EUR

February 27 09:00 UTC 30103010m

EZMoney-M3 Annual Grwth*

Actual

Forecast

4.8 %

Previous

5.0 %

February 27 09:00 UTC 30103010m

EZLoans to Households*

Actual

Forecast

2.2 %

Previous

2.0 %

February 27 10:00 UTC 30703070m

EZCons Infl Expec

Actual

Forecast

Previous

14.5

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