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FxWirePro: BTC/CNY struggles to close above 30- day EMA, good to sell on rallies

BTC/CNY pair is trading in a narrow range between 6587 and 5628 for the past three trading session (BTCCCHINA). It is currently trading around 6339 at the time of writing.

Ichimoku analysis of daily chart indicates:

Tenkan-Sen level: 7262

Kijun-Sen level: 7156

Major reversal level -5570 (89- day EMA)

The long-term trend remains to be bullish. BTC/CNY struggles to close above 30- day EMA and any close above will take the pair till 6600/6921.

Major resistance -6600 (support turned into resistance) and any break above that level will take the pair to next level till 6921 (38.2% retracement of 8896 and 5700)/7500.  Short term support is around5585 (89- day EMA) and any break below targets 5321 (cloud top)/4960 (cloud bottom).

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