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FxWirePro: BTC/CNY faces strong support at 4700, break below confirm further weakness

Thursday, January 12, 2017 11:36 AM UTC

BTC/CNY is seen trading below in red on Thursday. The pair has broken major support at 5600 and declined sharply till 4893 at the time of writing. It is currently trading around 5190 at the time of writing.

Ichimoku analysis of daily chart indicates:

Tenkan-Sen level: 6957.12

Kijun-Sen level: 6957.12

Major reversal level -5600 (89- day EMA)

Long-term trend remains to be bullish. BTC/CNY faces strong support at 200- day MA and any close below confirms short-term trend reversal.

Major resistance -5600 (89- day EMA) and any break above that level will take the pair to next level till 6000/6325 (30- day EMA). Short term support is seen at4695 (200- day MA) and any break below targets 4520 (Nov 3rd 2016 low).

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FxWirePro: BTC/CNY faces strong support at 4700, break below confirm further weakness

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