BTC/CNY is seen trading well above on Wednesday. The pair has broken the high of 7466 made yesterday and jumped till 7826 (BTCCCHINA). It is currently trading around 7844 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 6910

Kijun-Sen level: 6390

Major Trend reversal level – 6600 (Dec 30th low)

Long-term trend remains to be bullish. BTC/CNY hits fresh multi- year high and the trend is still bullish, a jump till 7920 is possible.

Major resistance is around 7825 and any break above that level will take the pair to next level till 7920 (161.8% projection of 6150 to 6966 from 6600)/8200.  Short term support is seen at 7519 (23.6% retracement of 6600 and 7825) and any break below targets 7121 (5- day MA)/6898 (10- day MA)/6500.