BTC/CNY is trading in narrow range between 16744 and 18399 for the past six trading sessions (BTCCHINA). It is currently trading around 17599 at press time.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 17576

Kijun-Sen level: 18572

Minor reversal level -16500 (Jun 3rd low)

Long-term trend remains to be bullish. BTC/CNY faces minor support at 16640 (55- day EMA) and any break below confirms minor weakness.

Minor resistance is around 17576 (daily Kijun-Sen) and any break above targets 17725 (23.6% retracement of 20999 and 16744)/18400. Short term support is seen at 16640 (55- day EMA) and any break below will drag the pair till 16000/15655 (61.8% retracement of 12235 and 20999).

It is good to buy on dips around 17550-17600 with SL around 17000 for the TP of 18350/18800.