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FxWirePro: BTC/CNY faces strong support at 6600, break below confirm further weakness

Friday, March 31, 2017 11:53 AM UTC

BTC/CNY is seen trading below in red on Friday and the pair has once declined slightly after jumping till 7000 on Mar 29th, 2017. It is currently trading around 6786 at the time of writing.

Ichimoku analysis of daily chart indicates:

Tenkan-Sen level: 6769

Kijun-Sen level: 7234

Major reversal level -5799 (200- day MA)

Long-term trend remains to be bullish. BTC/CNY faces strong support at 6600 and any break below confirms further weakness.

Major resistance is seen at 7000 (38.2% retracement of 8400 and 6119) and any break above will take the pair till 7157 (21- day EMA)/7235 (daily Kijun-sen)/7431 (Mar 21st high). Short term support is around 6600 and any break below the will drag the pair down till 6434 (Feb 10th low)/6119 (Mar 25th, 2017 low).

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Digital Currency Revolution

FxWirePro: BTC/CNY faces strong support at 6600, break below confirm further weakness

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