BTC/CNY has once again jumped slightly after declining till 5376 levels (BTCCCHINA). It is currently trading around 5442 at the time of writing.

Ichimoku analysis of daily chart indicates:

Tenkan-Sen level: 5383

Kijun-Sen level: 5260

Trend reversal level - (100 days MA) – 4625

Long-term trend remains to be bullish. BTC/CNY faces strong trend line resistance around 5530 and any further bullishness can be seen above that level.

Major resistance is around 5530 (trend line joining 5175 and 5507) any break above that level will take the pair to next level till 5643 (161.8% retracement of 5399 and 5003)/5678 (161.8% retracement of 5507 and 5230). Short term support is seen at 5370 (10- day MA) and any break below targets 5310 (21- day MA)/5230.