Final run of the bulls in secondary euphoria: Bear Starts Here

OKCOIN:BTCCNY   Bitcoin / Chinese Yuan
1926 10 9
Unfortunately markets show 6% futures premium and extreme bullish sentiment. Rally ends on a euphoric spike as we approach previous highs. Very similar to the $1000 price point during the $1200 bubble.

Dump fractals suggest 2200 bottom with 1900 capitulation. As such I suggest target should be 2292.

Of course, stop loss should this idea be proven false. At 3022. But I'm rarely wrong. I'm a genius after all.
Trade closed: stop reached: Stopped
Comment: Price ended up following the pattern and I did end up shorting this. Took some losses from the too-tight stop though.
Very interesting one! But if the okc volumizer turns ON again, that will be invalidated! =)
Premiums can be higher now that we are in a bull market. Premiums reached a cap in 2015 previously based on bearish sentiment. I think we've formed a cup and part of a handle, we should see a new 2015 high within two weeks, ~4000CNY.
+2 Reply
IvanLabrie PRO IAmSatoshi
If C&H the handle must take a bit more time to form I think.
+1 Reply
BitcoinGuru IAmSatoshi
maybe or we double topped and were in denial now, once the euphoria dies away, we will drop back down
IvanLabrie PRO BitcoinGuru
Fontas said down...hehe.