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FxWirePro: BTC/CNY trades higher, good to buy on dips

Thursday, February 23, 2017 12:30 PM UTC

BTC/CNY is seen trading higher continuously for the past three trading sessions (BTCCHINA). It has reached 7489 level after forming a temporary bottom around Feb 10th 2017. It is currently trading around 7527 at the time of writing.

Ichimoku analysis of daily chart indicates:

Tenkan-Sen level: 7030

Kijun-Sen level: 6953

Major reversal level -6250 (89- day EMA)

Long-term trend remains to be bullish. BTC/CNY faces strong resistance at 7600 and any minor bullishness only above that level.

Major resistance -7600 (Feb 9th high) and break above will take the pair till 7739 (1.13% retracement of 7589 and 6434)/7951 (76.4% retracement of 8896 and 4893). Short term support is seen at 7200 (5- day MA) and any break below targets 7030 (daily Tenken-Sen)/ 6953 (daily Kijun-Sen)/6600.

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Digital Currency Revolution

FxWirePro: BTC/CNY trades higher, good to buy on dips

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