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FxWirePro: BTC/CNY faces strong support at daily Tenken-Sen, break below targets 9300

Monday, May 15, 2017 12:03 PM UTC

BTC/CNY hits fresh all-time high of 11277 on May 12th 2017 and showing a minor profit booking from that level (BTCCHINA). It is currently trading around 10223 at press time.

Ichimoku analysis of daily chart indicates:

Tenkan-Sen level: 9838

Kijun-Sen level: 9113

Major reversal level -9050 (21 EMA)

Long-term trend remains to be bullish. BTC/CNY downside is capped by daily Tenkan-Sen and any break below will confirm minor weakness till 9300 likely.

Major resistance is around 10770 (61.8% retracement of 11277 and 9919) and any break above targets 11277/ 11369 (161.8% retracement of 8896 and 4893). Short term support is seen at 9800 (daily Tenken-Sen) and any break below the will drag the pair down till 9306 (38.2% retracement of 11277 and 6119)/9110 (daily Kijun-Sen).

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Digital Currency Revolution

FxWirePro: BTC/CNY faces strong support at daily Tenken-Sen, break below targets 9300

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