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FxWirePro: BTC/CNY faces strong support at 6000, good to buy on dips

Friday, January 27, 2017 12:13 PM UTC

BTC/CNY is recovering slightly from the low of 6157 made on Jan 25th, 2017 (BTCCHINA). It is currently trading around 6384 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 6116

Kijun-Sen level: 6894

Major reversal level -5635 (100- day EMA)

Long-term trend remains to be bullish. BTC/CNY faces strong support at 6000 and any break below targets 5894/5635.

Major resistance -6600 (support turned into resistance) and any break above that level will take the pair to next level till 6894 (daily Kijun-Sen)/7366 (61.8% retracement of 8896 and 4893). Short term support is seen at 6046 (21 day MA) and any break below targets 5965 (60- day EMA)/5635 (100- day EMA).

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Digital Currency Revolution

FxWirePro: BTC/CNY faces strong support at 6000, good to buy on dips

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