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BTC/CNY is seen trading above on Monday and the pair has once again taken support near 7300 and recovered sharply from that level (BTCCHINA). It is currently trading around 8020 at the time of writing.
Ichimoku analysis of daily chart shows:
Tenkan-Sen level: 7855
Kijun-Sen level: 7510
Major reversal level -6814 (89- day EMA)
Long-term trend remains to be bullish. BTC/CNY downside capped by 7300 level and any break below confirms minor weakness.
Major resistance is around 8234 (Mar 10th high) and any break above will take the pair till 8439 (88.6% retracement of 8896 and 4893)/8896 (Jan 5th 2017 high). Short term support is seen at 7855 (daily Tenken-Sen) and any break below will drag the pair till 7570 (23.6% retracement of 8400 and 4893)/7500 (daily Kijun-Sen)/7300/7185 (61.8% retracement of 6434 and 8400).
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FxWirePro: BTC/CNY faces strong support at 7300, good to buy on dips
Monday, March 13, 2017 12:54 PM UTC
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