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

Thursday, June 1, 2017 12:36 PM UTC

BTC/CNY has broken major resistance around 16420 and jumped till 17287 (BTCCHINA). It is currently trading around 17128 at the time of writing.

Ichimoku analysis of 4-hour chart shows:

Tenkan-Sen level: 15945

Kijun-Sen level: 15640

Major reversal level -12267 (May 21st low)

Long-term trend remains to be bullish. BTC/CNY trade higher and a further jump till all time around 18960 likely.

Minor resistance is around 17390 (76.4% retracement of 18962 and 12335) and any break above targets 18000/18962. Short term support is seen at 16686 (23.6% retracement of 14602 and 17287) and any break below will drag the pair till 15944 (4H Tenkan-Sen)/15675/14000.

It is good to buy on dips around 16670 with SL around 15940 for the TP of 18000/18950.

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Digital Currency Revolution

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

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