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FxWirePro: BTC/CNY faces strong resistance at 50-day MA, break above targets 7528

Friday, April 7, 2017 11:37 AM UTC

BTC/CNY is seen trading low in red on Friday and the pair has broken the high of 7250 made on Apr 4th, 2017 and slightly declined from that level (BTCCHINA). It is currently trading around 7070 at the time of writing.

Ichimoku analysis of daily chart indicates:

Tenkan-Sen level: 6940

Kijun-Sen level: 7148

Major reversal level -5915 (200- day MA)

Long-term trend remains to be bullish. BTC/CNY faces strong resistance around 7380 (50- day MA) and any break above confirms minor bullishness, a jump till 7528 likely.

Major resistance is seen at 7380 (50 day MA) and any break above will take the pair till 7431 (Mar 21st high)/7528. Short term support is around 6940 (daily tenken-Sen) and any break below the will drag the pair down till 6600/ 6434 (Feb 10th low)/6119 (Mar 25th, 2017 low).

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Digital Currency Revolution

FxWirePro: BTC/CNY faces strong resistance at 50-day MA, break above targets 7528

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