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FxWirePro: BTC/CNY upside capped by 55- 4H EMA, good to sell on rallies

BTC/CNY slightly recovered after hitting a low of 19001 on Jun 21st 2017(BTCCHINA). The pair shown a minor jump till 119846 and is currently trading around 19821 at press time.

Ichimoku analysis of 4-Hours shows:

Tenkan-Sen level: 19636

Kijun-Sen level: 19391

Minor reversal level -16500 (Jun 3rd low)

Long-term trend remains to be bullish. BTC/CNY downside capped by 55-4H EMA and any close below confirms minor bearishness.

Minor resistance is around 19890 (61.8% retracement of 20400 and 19007) and any break above targets 20400 20999 (Jun 11th high). Short term support is seen at 18950 (55- 4H EMA) and any break below will drag the pair till 18595 (50% retracement of 20400 and 19007)/18000.

It is good to buy on dips around 19500-550 with SL around 19000 for the TP of 20400/20990.

By Sujha Sundararanjan
  • Market Data
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