OKCOIN:BTCCNY Bitcoin / Chinese Yuan
had a monthly pullback that culminated in the drop to $460. If you look at the fast moves almost straight down, it is clear this was a pullback and not a trend change. If there's going to be a lower high to set about a trend change, knowing traders it's likely to take place around 4500 CNY because that's where the new downtrend line is. Personally I expect it to break through and make a new ATH by 2017, but one step at a time here.
Comment: OKCOIN Futures broke out to the upside today. Just waiting for spot to do the same. Still looks like a high probability trade.
Comment: Clear breakout of the complex pullback with the price moving up with ease. Everything looks good for a retest of that 5000 CNY / $800 USD high.
Comment: The severe pullback yesterday appears to have been a trend line check after the breakout. momentum still looks good on large time frames so I'd stay long.
Comment: I know it's tempting to sell, but keep holding long.
Comment: Just a reminder, even though I drew that upper resistance line, it does not mean it's worth a damn. There are some very good signs this uptrend is likely to go after the all time high.
Comment: Looks like China is tired of selling imaginary lines. If it holds above about 4880cny at this point I think the only thing we'll have to go by is momentum. When momentum ends, so does the trend. Keep hanging on guys, this should get wild.
Trade closed: target reached: @RooKiED was right, I should have closed at the trend line and waited for the pullback. These traders and their dang lines..