licence2kill
Short

BTC drop incoming

HUOBI:BTCCNY   Bitcoin / Chinese Yuan
Using the ew theory on the 45 min chart, we could be in the retrace of the third wave. The retrace could go to 1510 yuan max. After this leg 5 will follow and i think that the purple line - coming from the top of the last bull run - will serve as a huge support.

The RSI basicly supports this, since the last 2 days look more like a small retrace instead of the beginning of bullishness.

Let me know what you think!

Thanks
Do you think that 1494 cny was top of bounce?
Reply
Thanks for the like/comment!

No, according to the EW theory, it can still go up to 1510 but it might aswell go down from here. I just drew a h&s pattern where the volume looks like it's going to form a right shoulder. So i got my short placed on a double top at 1494~ and will add some more if the right shoulder is really going to rally.
+1 Reply
licence2kill licence2kill
+1 Reply
oldstout licence2kill
Nice, thanks for reply :)
+1 Reply
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