Chinese traders typically perpetrate some strange moves during public holidays, and today is no exception, we already saw a sharp decline after yesterday's strong advance. This dip is a short term buying opportunity, so, thank you OKCoin.
Let's buy over the next 3 days, gradually. I already bought 15% at 6375 and will add 15% more around here, and looking to add the remainder of my position if we go lower ideally. The buy zone is highlighted in green on chart. I don't reccomend setting stop loss orders, simply size the trade to reach a maximum of 80% of your capital once your position is full. That should keep you out of harm 99% of the time. That said, we don't want to see price drop under 6102.29, if it does, it could go a tad lower and test weekly support levels below. If we don't hit 7047 before the week closes, we might see price go sideways, but, for now, we need to focus on the present, which is screaming buy (gradually).
Good luck and Merry Christmas,
Ivan Labrie.
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6396, booyah
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Now, if we don't go any lower, I'll wait and add the rest of the position, for now, waiting for lower prices to add more.
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Notice that we bottomed precisely at the maximum support level I specified. If we hold for 9 hours and go up we'll be in excellent shape.
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I have a full position already, 80% account. Only 65% has a stop in place, the other 15% was bought lower.
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Excellent progress, overall in profit here. Opened a large position near the lows, plus the higher entries, all good.
You sir, put your money where your mouth is... Merry Christmas and I wish you holy profits :)
IvanLabrie
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@DomarkasM, thanks for the kind words, good luck, and Merry Christmas to you too.
BitcoinGuru
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agreed, consolidation/sideways in an ascending triangle and up
IvanLabrie
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@BuyBitcoin.WS, thanks for stopping by, have a great Holiday.
BitcoinGuru
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@IvanLabrie, Happy Holidays! Wish you and everyone good health and wealth on the new year
Pato99
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Chinese traders like to shake out weak hands and setting up bear traps. We saw this in Jun/Jul and Nov rise.
I would not wonder if "suddenly" some bad news come out when we hit the 7000 CNY area, like the zero hedge one.
i bought another 2,5% margin and will stack it up to 10% eventually.