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FxWirePro: BTC/CNY trades flat, good to sell on rallies

BTC/CNY is seen trading in narrow range between 7188 and 6949 for the past five trading sessions (BTCCHINA). It is currently trading around 7096 at the time of writing.

Ichimoku analysis of daily chart indicates:

Tenkan-Sen level: 7116

Kijun-Sen level: 6723

Major reversal level -6119 (Mar 25th low)

Long-term trend remains to be bullish. BTC/CNY faces strong resistance at 7430 and any minor bullishness only above that level.

Major resistance is seen at 7431 (Mar 21st high) and any break above will take the pair till 7528 (61.8% retracement of 8400 and 6119)/7600/8000. Short term support is around 6860 (38.2% retracement of 8400 and 6119) and any break below the will drag the pair down till 6600/ 6434 (Feb 10th low)/6119 (Mar 25th 2017 low).

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