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FxWirePro: BTC/CNY faces strong resistance at 7000 level, break above targets 7430

Wednesday, March 29, 2017 12:24 PM UTC

BTC/CNY pair is trading higher for the past five days after hitting low of 6119 (BTCCHINA). It is currently trading around 6920 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 6775

Kijun-Sen level: 7259

Major reversal level -5799 (200- day MA)

Long-term trend remains to be bullish. BTC/CNY faces strong resistance at 55- day EMA and any close above confirms minor bullishness.

Major resistance is around 7000 (38.2% retracement of 8400 and 6119) and any break above will take the pair till 7213 (21- day EMA)/7431 (Mar 21st high). Short-term support is seen at 6775 (daily tenken-Sen) and any break below the will drag the pair down till 6413 (cloud bottom)/6119 (Mar 25th, 2017 low).

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FxWirePro: BTC/CNY faces strong resistance at 7000 level, break above targets 7430

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