BTC/CNY has shown minor profit booking after hitting 18962 high made on May 25th. It is currently trading around 17200 levels (BTCCHINA). The pair has formed a minor bottom around 14400 and any further weakness can be seen below that level. It is trading currently at 17393 at press time.

Ichimoku analysis 4-Hours is seen:

Tenkan-Sen level: 17206

Kijun-Sen level: 16136

Major reversal level -12267 (May 21st low)

Long-term trend remains to be bullish. BTC/CNY faces minor support at 50% fibo and break below targets 14400/12267/11567 in the short term.

Minor resistance is around 17580 (61.8% retracement of 18962 and 15450) and any break above targets 18962/21132. Short term support is seen at 15500 (50% retracement of 12267 and 18962) and any break below will drag the pair till 14400/12267 (May 21st 2017 low)/11567 (89 4H EMA).

It is good to buy on dips around 15000 with SL around 14350 for the TP of 16000/16750.