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FxWirePro: BTC/CNY faces strong resistance at 6600, good to buy on dips

Thursday, January 19, 2017 12:38 PM UTC

BTC/CNY is seen trading slightly above on Thursday. The pair has jumped till 6320 yesterday after making a low of 4893 levels (BTCCHINA). It is currently trading around 6097 at the time of writing.

Ichimoku analysis of daily chart indicates:

Tenkan-Sen level: 5667

Kijun-Sen level: 6894

Major reversal level -5600 (89- day EMA)

Long-term trend remains to be bullish. BTC/CNY faces strong resistance at 6600 and any break above targets 6895/7366.

Major resistance is around 6422 (38.2% retracement of 6320 and 4893) and any break above that level will take the pair to next level till 6600 (support turned into resistance)/6894 (daily Kijun-Sen). Short-term support is seen at 5873 (60- day EMA) and any break below targets 5667 (daily Tenken-Sen)/5615 (89- day EMA).

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Digital Currency Revolution

FxWirePro: BTC/CNY faces strong resistance at 6600, good to buy on dips

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