BTC - Next step to 50% fib.

OKCOIN:BTCCNY   Bitcoin / Chinese Yuan
The rejection at 2560 cny             (also 0.618fib retracement) is really interesting for a short signal. The currently printing ping should confirm the bearish trend and give us another leg down.

2300 cny             has several interesting support potentials.
-0.5 fib
- Pitchfork channel support from both forks.
-Trend line support

If we bounce at 2300 we could see finally some bullish momentum to at least the top of the inner pitchfork possibly the upper trend line .

If we slice right through 2300 the next critical support should be around 2000 cny             .

if you enter a short position your stop has to be above 2600 cny             . I would suggest a tight stop above the daily high in case we magically start pumping.
Because overall we are still in a choppy kinda range like you can see on my related weekly chart.

Good Luck! :)
Agree. Good luck. :)
+1 Reply
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