K155MY4R53
Short

Descending Triangle

HUOBI:BTCCNY   Bitcoin / Chinese Yuan
158 2 3
My previous forecast seems to be playing out well and this is what the end result will look like on a longer timeframe. It's fairly simple: we appear to be in a sort of descending triangle and I think we're going to fall out of the bottom in a big way. The region of support that we're sitting on is incredibly strong and has fended off numerous attempts at a break down. However, for all this strength, it hasn't managed to reject the price properly and send it bouncing off to something like the 340usd level. The bounces are getting smaller and I think we're going to fall through. On a clean break of 300usd, there will be a massive sell-off with a some resistance at the 275usd level that I think we'll bounce off before breaking through to find new all time lows.
However, if we do manage to break out the top of this triangle, there could be a rally to something like the 350usd level before going lower. Best of luck with your trading and happy 2015.
ChartArt
2 years ago
mhh, we didn't follow your bearish path ... either hidden bull or just choppiness
Reply
K155MY4R53 ChartArt
2 years ago
Descending Triangle [Amended]

Actually it's neither, I accidentally used the wrong trendline in this chart. Here's the amended version.
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out