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FxWirePro: BTC/CNY upside capped by daily Tenken-Sen, good to sell on rallies

Monday, January 16, 2017 11:49 AM UTC

BTC/CNY is seen fluctuating on Monday. The pair has broken major resistance 5600 and jumped slightly till 5724 at the time of writing. It is currently trading around 5624 at the time of writing.

Ichimoku analysis of daily chart indicates:

Tenkan-Sen level: 5740

Kijun-Sen level: 6894

Major reversal level -5600 (89- day EMA)

Long-term trend remains to be bullish. BTC/CNY upside capped by daily Tenken-Sen and any break above confirms minor bullishness.

Major resistance -5740 (daily Tenken-Sen) and any break above that level will take the pair to next level till 6145 (30- day EMA)/6425 (38.2% retracement of 8896). Short term support is around 4725 (200- day MA) and any break below targets 4520 (Nov 3rd, 2016 low).

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FxWirePro: BTC/CNY upside capped by daily Tenken-Sen, good to sell on rallies

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