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FxWirePro: BTC/CNY trades higher, good to buy on dips

BTC/CNY has recovered sharply after making a low of 9633 and broken major resistance 10000 (BTCCHINA). It is currently trading around 10729 at press time.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 9953

Kijun-Sen level: 9171

Major reversal level -9388 (21 EMA)

Long-term trend remains to be bullish. BTC/CNY faces strong resistance at 11277 a minor top formed around is capped by 50% fibo around 9650 and any break below will drag the pair till 9300.

Major resistance is seen at 10659 (61.8% retracement of 11277 and 9633) and any break above targets 11277/ 11369 (161.8% retracement of 8896 and 4893). Short term support is around 9989 (10 day MA) and any break below will drag the pair till 9633 (50% retracement of 11277 and 8060) / 9306 (38.2% retracement of 11277 and 6119)/9152 (daily Kijun-Sen).

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