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FxWirePro: BTC/CNY downside capped by daily Tenken-Sen, good to buy on dips

Tuesday, April 25, 2017 12:46 PM UTC

BTC/CNY is seen trading well above on Tuesday. The pair has shown a slight recovery after hitting a low of 7065 on Apr 23rd 2017 (BTCCHINA). It is currently trading around 7379.85 at press time.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 7163

Kijun-Sen level: 7003

Major reversal level -6119 (Mar 25th low)

Long-term trend remains to be bullish. BTC/CNY faces major support at daily Kijun-sen and minor weakness can be seen only below that level.

Major resistance is around 7431 (Mar 21st high) and any break above will take the pair till 7528 (61.8% retracement of 8400 and 6119)/7600/8000. Short term support is seen at 7003 (daily Kijun-Sen) and any break below the will drag the pair down till 6600/ 6860 (38.2% retracement of 8400 and 6119)/6434 (Feb 10th low)/6119 (Mar 25th 2017 low).

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Digital Currency Revolution

FxWirePro: BTC/CNY downside capped by daily Tenken-Sen, good to buy on dips

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