BTCCHINA:BTCCNY Bitcoin / Chinese Yuan
just broke the June 2016 highs of 5200 CNY . This was really the last resistance before attacking a new all time high. I would expect to make a new ATH here, in which case the targets become very large. This is one of the better buy signals I've posted in . Prepare for lots of so don't take too much risk as it could swing up and down with big moves. Hang on tight as this horse is going to try hard to buck you off.
Comment: Hold on tight!
Comment: Take caution. Price is moving very fast, which means fast profits to capture. Trend is still very much up, but big pullback is now highly likely so if you can reduce risk this would be the time.
Comment: This is the big pullback we were expecting. Finally something on the big timeframes. At the moment downside momentum is still showing strength. We should wait for a sign of selling weakening and then jump back in long. Good luck timing when to jump back in, but remember we didn't break the all time high just to go back straight down - the trend is UP.
Comment: Sell side momentum has slowed enough for me to jump back in around 6000 cny. Good luck.
Trade closed: target reached: I've been thinking about this setup, and I'm not sure I like it anymore. The pullback was quite large and straight down so that leads me to think a range is going to come out of this. We're also still not showing a correction on the bigger timeframes yet like the 3D. If we were to continue ranging here then have a breakdown it could be quite significant. Personally I'm going to wait for a better setup. Closing this idea as a new ATH was made and I'm not sure the trend is going to continue without further pullbacks first. Good luck guys.
@SPYderCrusher, Thanks man!