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BTC/CNY trades slightly above trend line resistance, jump till 5678 likely

Monday, December 19, 2016 12:40 PM UTC

BTC/CNY is seen trading slightly above on Monday. The pair has broken major trend line resistance at 5530 and jumped till 5599 (BTCCCHINA). It is currently trading around 5562 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 5457

Kijun-Sen level: 5343

Trend reversal level - (100 days MA) – 4680

Long-term trend remains to be bullish. BTC/CNY trades well above trend line resistance and a jump till 5678 is possible.

Major resistance is around 5600 any break above that level will take the pair to next level till 5643 (161.8% retracement of 5399 and 5003)/5678 (161.8% retracement of 5507 and 5230). Short-term support is seen at 5505 (5- day MA) and any break below targets 5455 (10- day MA)/ 5343 (daily Kijun-Sen).

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Digital Currency Revolution

BTC/CNY trades slightly above trend line resistance, jump till 5678 likely

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