BTC/CNY is seen trading well above on Thursday and the pair has broken the high made yesterday and jumped till 7589 levels (BTCCHINA). It is currently trading around 7480 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 6947

Kijun-Sen level: 6487

Major reversal level -5994 (89- day EMA)

Long-term trend remains to be bullish. BTC/CNY faces minor resistance at 7595 (113% retracement of 7545 and 7150) and any break above targets 7789 level.

Major resistance is around 7595 (113% retracement of 7545 and 7150) and any break above that level will take the pair to next level till 7789 (161.8% retracement of 7545 and 7150)/7950. Short term support is seen at 7225 (7- day MA) and any break below targets 7045 (10- day MA)/6947 (daily Tenken-Sen).