BTC/CNY is seen plunging below on Tuesday. The pair has declined sharply after making a top around 8400 level (BTCCHINA). It is currently trading around 7909 at the time of writing.

Ichimoku analysis of daily chart indicates:

Tenkan-Sen level: 7900

Kijun-Sen level: 7417

Major reversal level -6674 (89- day EMA)

Long-term trend remains to be bullish. BTC/CNY upside is capped by 88.6% retracement and any break above confirms bullish continuation.

Major resistance is around 7988 (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 7683 (21- day EMA) and any break below targets 7417 (daily Kijun-Sen)/7185 (61.8% retracement of 6434 and 8400).