BTC/CNY is seen trading below in red on Thursday. The pair has recovered slightly till 7998 after declining till 7603 levels (BTCCHINA). It is currently trading around 7699 at the time of writing.

Ichimoku analysis of daily chart indicates:

Tenkan-Sen level: 8001

Kijun-Sen level: 7498 

Major reversal level -6674 (89- day EMA)

Long-term trend remains to be bullish. BTC/CNY upside is capped by 10- day MA and any break above confirms minor bullishness.

Major resistance is around 8018 (10- day MA) 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 7570 (23.6% retracement of 8400 and 4893) and any break below targets 7417 (daily Kijun-Sen)/7185 (61.8% retracement of 6434 and 8400).