swordmaker
Short

Historical Pitchfork

OKCOIN:BTCCNY   Bitcoin / Chinese Yuan
2 of the rallies (from Jan 2015 low) that reached up to 0.75-1 median channel of this pitchfork has retraced 32 and 44             percent. so I think a retrace of 30 to 40 percent is plausible.
with this idea I would expect to 3490 cny             which is also the monthly pivot and if that doesn't hold then 2960 cny             as S1.

in usd terms; 530 usd as pivot and 450 usd as S1 should be good to be long.
ABCD idea failed badly but at least we get the 30 percent retrace as the original idea suggests. Lets see if this holds.
or we probably visit 2900 cny next.
https://www.tradingview.com/x/H4tYVTFq/c
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swordmaker swordmaker
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this could be the road map to 600 usd if the rally wants to continue with the halvening on the way :)
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