BTC/CNY is seen trading slightly high on Tuesday. The pair has once again shown a minor decline after jumping till 7897 levels (BTCCHINA). It is currently trading around 7782 at the time of writing.

Ichimoku analysis of daily chart indicates:

Tenkan-Sen level: 7440

Kijun-Sen level: 7168 

Major reversal level -6396 (89- day EMA)

Long-term trend remains to be bullish. BTC/CNY upside is capped by 76.4% retracement and any break above confirms further bullish continuation.

Major resistance is around 7951 (76.4% retracement of 8896 and 4893) and any break above will take the pair till 8300 (161.8% retracement of 7589 and 6434). Short term support is seen at 7518 (10- day MA) and any break below targets 7168 (daily Tenken-Sen)/ 7008 (61.8% retracement of 6434 and 7902).