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FxWirePro: BTC/CNY faces strong resistance at 7430, break above targets 7600

BTC/CNY has broken the minor resistance of 7327 high made on Apr 11th, 2017 and jumped to 7377 levels (BTCCHINA). It is currently trading around 7306 at press time.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 7102

Kijun-Sen level: 6906

Major reversal level -6119 (Mar 25th low)

Long-term trend remains to be bullish. BTC/CNY faces strong resistance at 7430 and any minor bullishness only above that level.

Major resistance is around 7431 (Mar 21st high) and any break above will take the pair till 7528 (61.8% retracement of 8400 and 6119)/7600/8000. Short term support is seen at 6860 (38.2% retracement of 8400 and 6119) and any break below the will drag the pair down till 6600/ 6434 (Feb 10th low)/6119 (Mar 25th, 2017 low).

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