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FxWirePro: BTC/CNY takes support near trend line, good to sell on rallies

BTC/CNY is seen trading above on Friday and the pair has broken major support at 7793 (21- day EMA) and declined till 7510 (BTCCHINA). It is currently trading around 7659 at the time of writing.

Ichimoku analysis of daily chart indicates:

Tenkan-Sen level: 7772

Kijun-Sen level: 7707 

Major reversal level -6911 (89- day EMA)

Long-term trend remains to be bullish. BTC/CNY has taken support near trend line and any break below targets 7300/7020.

Major resistance is around 7924 (61.8% retracement of 8177 and 7510) and any break above will take the pair till 8000/8275 (88.6% retracement of 8400 and 7310)/ 8400. Short term support is seen at 7510 (trend line joining 6434 and 7310) and any break below will drag the pair till 7310 (Mar 10th 2017 low)/7020.

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