BTCCNY: Daily update - Uptrend speed line support nearby
BTCCNY is in an uptrend in multiple timeframes, from the 2-month timeframe, down to the weekly. The daily recently encountered supply after retesting the resistance from the initial PBOC induced selloff. Now, it is absorbing the sellers' orders down here, and it could resume the move up, or simply remain choppy until the end of the month.
A good strategy will be to buy when bearish momentum slows down, on any significant setback, and look to book profits retesting overhead resistance levels. Naturally, I'm reserving the exact entries, timing, and risk management to my signals clients, but you can get an idea of what to expect here.
If the uptrend speed line (white) holds, we could see a sharp advance here, and a retest and potential breakout of resistance at 7048.
Good luck,
Ivan Labrie.
A good strategy will be to buy when bearish momentum slows down, on any significant setback, and look to book profits retesting overhead resistance levels. Naturally, I'm reserving the exact entries, timing, and risk management to my signals clients, but you can get an idea of what to expect here.
If the uptrend speed line (white) holds, we could see a sharp advance here, and a retest and potential breakout of resistance at 7048.
Good luck,
Ivan Labrie.
Comment:
Nice move so far.
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Comment:
This is what I expect in $BTCCNY
