BTC/CNY is seen trading high above on Thursday and the pair is trading in a narrow range between 8177 and 7893 for the past three trading session. It is currently trading around 7910 at press time.

Ichimoku analysis of daily chart indicates:

Tenkan-Sen level: 7814

Kijun-Sen level: 7689 

Major reversal level -6891 (89- day EMA)

Long-term trend remains to be bullish. BTC/CNY has formed temporary top around 8400 and any break below confirms bullish continuation.

Major resistance is seen at 8275 (88.6% retracement of 8400 and 7310) and any break above will take the pair till 8400/8896 (Jan 5th 2017 high). Short term support is around 7899 (10- day MA) and any break below will drag the pair till 7814 (daily Tenken-sen)/7570 (23.6% retracement of 8400 and 4893)/7510 (daily Kijun-Sen).