BTC/CNY has recovered sharply after hitting low of 16744 yesterday (BTCCHINA). The pair has shown a minor jump till 18180 and is currently trading around 17997 at press time.

Ichimoku analysis of 4-hours indicates:

Tenkan-Sen level: 17791

Kijun-Sen level: 18316

Minor reversal level -16500 (Jun 3rd low)

Long-term trend remains to be bullish. BTC/CNY faces strong support at 50% fibo at 16648 and a break below confirms further bearish continuation.

Minor resistance is around 18195 (200-4H EMA) and any break above targets 18364 (21- 4H EMA)/18860 (89- EMA). Short term support is seen at 16650 (50% retracement of 12349 and 2099) and any break below will drag the pair till 15981/15000.

It is good to buy on dips around 17250-300 with SL around 16650 for the TP of 18350/18800.