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FxWirePro: BTC/CNY faces strong support at 6600, good to buy on dips

BTC/CNY has once again recovered after declining till 6620 level. BTCC/CNY faces minor resistance at 6860 (Feb 11th 2017 high) and any minor bullishness can be seen only above that level (BTCCHINA). It is currently trading around 6846 at the time of writing.

Ichimoku analysis of daily chart indicates:

Tenkan-Sen level: 7012

Kijun-Sen level: 6841

Major reversal level -6144 (89- day EMA)

Long-term trend remains to be bullish. BTC/CNY faces major support at 6600 (resistance turned into support) and a break below confirms minor weakness.

Major resistance is around 6860 (Feb 11th high) and break above will take the pair till 7012 (daily Teneken-Sen)/7152 (61.8% retracement of 7589 and 6434)/7366. Short term support is seen at 6600 (resistance turned into support) and any break below targets 6434 (Feb 10th low)/ 6409 (60- day EMA) /6225 (61.8% retracement of 4893 and 7589).

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