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FxWirePro: BTC/CNY faces strong support at 6600, break below targets 6229

BTC/CNY is seen dipping a bit on Thursday and the pair has shown a mild recovery till 7140 after declining till 6900 yesterday (BTCCHINA). It is currently trading around 7015 at press time.

Ichimoku analysis of daily chart indicates:

Tenkan-Sen level: 7348

Kijun-Sen level: 7508

Major reversal level -6943 (89- day EMA)

Long-term trend remains to be bullish. BTC/CNY faces strong support at 6600 and any break will drag the pair till 6229.

Major resistance is around 7289 (55- day EMA) and any break above will take the pair till 7566 (21- day EMA) /7710 (61.8% retracement of 8400 and 6616)/8177 (Mar 13th 2017). Short term support is seen at 6890 (cloud bottom) and any break below will drag the pair down till 6610 (Mar 18th 2017 low)/ 6430 (Feb 10th low)/6220/5670 (200- day MA).

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