BTC/CNY is seen trading slightly below on Tuesday and pair has broken 55- day EMA at 7299 and jumped till 7431 (BTCCHINA). It is currently trading around 7297 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 7396

Kijun-Sen level: 7508

Major reversal level -6930 (89- day EMA)

Long-term trend remains to be bullish. BTC/CNY faces strong resistance at 21- day EMA and any break above targets 7710 (61.8% retracement of 8400 and 6616)/8177 (Mar 13th, 2017).

Major resistance is around 7582 (55- day EMA) and any break above will take the pair till 7710 (61.8% retracement of 8400 and 6616)/8177 (Mar 13th, 2017). Short term support is seen at 6640 (50% retracement of 4893 and 8400) and any break below will drag the pair till 6430 (Feb 10th low)/6220/5670 (200- day MA).