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FxWirePro: BTC/CNY struggles to close below Ichimoku cloud, good to sell on rallies

Monday, March 27, 2017 12:35 PM UTC

BTC/CNY pair has broken the low of 6616 formed at Mar 18th, 2017 and declined sharply till 6119 on Friday (BTCCHINA). It is currently trading around 6721.01 at press time.

Ichimoku analysis of daily chart indicates:

Tenkan-Sen level: 6809

Kijun-Sen level: 7259

Major reversal level -5772 (200- day MA)

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

Major resistance is around 6809 (daily tenken-Sen) and any break above will take the pair till 7250 (21- day EMA)/7431. Short term support is seen at 6030 (50% retracement of 8896 and 3165) and any break below the fibo will drag the pair down till 5674 (trend line joining 3165 and 4893)/4893 (Jan 12th, 2017 low).

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FxWirePro: BTC/CNY struggles to close below Ichimoku cloud, good to sell on rallies

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