BTCCHINA:BTCCNY   Bitcoin / Chinese Yuan
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.
Comment: Holding support.

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Comment: Ok, we're taking off...2 days before I estimated but still on track to follow that green pathway.
Comment: I'd rather reduce exposure now and only hold 15% of the account in BTC.
Comment: Last: 5220
Comment:
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Holding 15% long term is a good idea for sure.
Comment: Weekly has a new support zone to buy against
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Comment: You can see my entries have been spot on for a good while...hope someone's following them.
Thanks for the update Ivan :)

Do you think we will hit the target at your time ?
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IvanLabrie PRO AhmedAlif8
@AhmedAlif8, I think so. Holding longs.
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AhmedAlif8 IvanLabrie
@IvanLabrie, Your odds are much higher my friend now, right ?
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IvanLabrie PRO AhmedAlif8
@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.
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AhmedAlif8 IvanLabrie
@IvanLabrie, And here Sunday close came my friend :)

What are the updates so far my dear friend :) ?
+1 Reply
IvanLabrie PRO AhmedAlif8
@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.
+2 Reply
AhmedAlif8 IvanLabrie
@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 PRO AhmedAlif8
@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).
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Pato99 PRO IvanLabrie
@IvanLabrie, hey Ivan. thanks for your Charts. you made me quite a lot Money here.
I went all in some time ago and took profits recently. Holding 30% now on margin x5 and wait to enter the next dip @ 5150-5200, as we can expect some days of sideways now. Im trading EUR/BTC. This Charts moves a bit slower like 5-20 min, and i can take this time to place my order like CNY/BTC is moving which is very good. i really hope we make it to 5700 this week, but i´m not confident now
+1 Reply
@Pato99, if we don't it's ok too...it simply means we might stall for a while longer before rallying again. Unless we drop under 5145, we can expect the weekly trend to remain up.
+1 Reply
Pato99 PRO IvanLabrie
@IvanLabrie, we are currently below RSI 30 on 1h chart. I expect we will have a turn now. will buy this one
+1 Reply
@Pato99, you should wait for 3 hours without a new low first. Or, wait until 5am China time today. I'm buying too.
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I notice you have not yet shouted the immortal words "margin long!"; I guess that comes after around 5500?
+1 Reply
@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.
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dub00 PRO IvanLabrie
@IvanLabrie, fair enough, thnx for responding
+1 Reply
@dub00, did you buy as explained here by the way?
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dub00 PRO IvanLabrie
@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
@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.
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Nice entries.Nice idea.
Good luck to you.
I am following
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