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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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Forecast

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0.6 %

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