BTCCHINA:BTCCNY   Bitcoin / Chinese Yuan
7 days ago
BTCCNY             has a longer term uptrend, but here I'm looking at the daily linear regression channels we can draw on each swing. If you extend the lines, after a high pivot happens, you can see where price can bounce, to maintain the uptrend progress. The pink arrows show this, and the channel changes with any high pivot that is broken on retest.

I think we have a chance to get action like the green pathway implies, but I'm open to a larger consolidation or even a pullback lower, so I'll react to whatever happens next.
For the time being I know where to place my stop if I get a buy agains the support zone between 4953 and 5102: 4805.26. This is a weekly level though, and we also need to wait for one more week to determine if the uptrend speed is sufficient to keep this pace, else we'll see a correction for some time.

Good luck,

Ivan Labrie.
6 days ago
Comment: Holding support.

snapshot
4 days ago
Comment: Ok, we're taking off...2 days before I estimated but still on track to follow that green pathway.
4 days ago
Comment: I'd rather reduce exposure now and only hold 15% of the account in BTC.
4 days ago
Comment: Last: 5220
3 days ago
Comment:
snapshot


Holding 15% long term is a good idea for sure.
a day ago
Comment: Weekly has a new support zone to buy against
snapshot
If you're interested in joining my trading newsletter or private lessons, message me. I trade Forex, Equities and Commodities. Contact: skype @ ivanlabrie, PM here or QQ (2954487803).
AhmedAlif8
6 days ago
Thanks for the update Ivan :)

Do you think we will hit the target at your time ?
Reply
IvanLabrie TOP AhmedAlif8
6 days ago
@AhmedAlif8, I think so. Holding longs.
Reply
AhmedAlif8 IvanLabrie
4 days ago
@IvanLabrie, Your odds are much higher my friend now, right ?
Reply
IvanLabrie TOP AhmedAlif8
4 days ago
@AhmedAlif8, yes and no, weekly confirmation still pending, that is more important. We won't know until Sunday close.

The thing is, I'd rather reduce exposure now and only hold 15% of the account in BTC.
Reply
AhmedAlif8 IvanLabrie
12 hours ago
@IvanLabrie, And here Sunday close came my friend :)

What are the updates so far my dear friend :) ?
+1 Reply
IvanLabrie TOP AhmedAlif8
11 hours ago
@AhmedAlif8, Ahmed, hi, since the market rallied faster than I expected, it's taking a break and correcting sideways, chopping out short term traders coiling before the next leg up.
I'm holding longs, I even added a small short term long position worth 30% account at 5350 give or take.
+1 Reply
AhmedAlif8 IvanLabrie
11 hours ago
@IvanLabrie, Thanks for the reply brother.

So this makes you more sure that we can get past CNY 5.7K and even CNY 6K, right ?
+1 Reply
IvanLabrie TOP AhmedAlif8
11 hours ago
@AhmedAlif8, Yes, possibly, let's wait and see when we can add to longs, and when to take short term profits, leaving the core 15% position alone (naturally).
Reply
dub00 PRO
3 days ago
I notice you have not yet shouted the immortal words "margin long!"; I guess that comes after around 5500?
+1 Reply
IvanLabrie TOP dub00
3 days ago
@dub00, I only favor that when we can get a tight enough stop on dips...there was no significant dip here, so simply holding the core long term position, worth 15% of the portfolio.
Reply
dub00 PRO IvanLabrie
3 days ago
@IvanLabrie, fair enough, thnx for responding
+1 Reply
IvanLabrie TOP dub00
2 days ago
@dub00, did you buy as explained here by the way?
Reply
dub00 PRO IvanLabrie
2 days ago
@IvanLabrie, I have been in a good while already. I refer to your charts to assist in my thinking. So when I sought reassurance around 5100 you provided part of it.
+1 Reply
IvanLabrie TOP dub00
2 days ago
@dub00, cool, glad to help.
You can buy more on dips and sell on rallies, but never sell the long term position. That's my trading plan for it.
Reply
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