OKCOIN:BTCCNY   Bitcoin / Chinese Yuan
Each day the red parallel line isn't breached, the higher risk of the price re-testing $100-$150 USD.
Watch this level, nevertheless we're still trading sideways at the moment. A solid break below 1300~1400 CNY             is a clear signal of doom ahead.

My bias: bearish
Check out the last indicator.... no new money seen yet, except for the $450 bulltrap rally.
Just old cash tumbling around looking for a quick buck.



Good chart. This is what I've been calling for all along. We ought to see new lows before the next major bull cycle.
+1 Reply
Good stuff as usual +1 +1
+1 Reply
LastBattle SPYderCrusher

There's simply no buyers around... it had so much opportunity to break it easily :(
+1 Reply
yup. my whole contingency was three factors -- daily reversal up + weekly reversal up = good long setup, but that trade idea basically produced break even from entry once we had that reversal. Then under 250 invalidated daily and under 240 weekly, so at this point, any retrace should be viewed as a sell until new data comes in to suggest otherwise. really dont see why 230 would hold up again under these conditions.
SPYderCrusher SPYderCrusher
I guess only thing to consider....and really would be amazed if this held but here it is....
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