TReano
Short

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! :)
oldstout
10 months ago
Agree. Good luck. :)
+1 Reply
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