yomofoV
Short

possible near term doom

OKCOIN:BTCCNY   Bitcoin / Chinese Yuan
247 3 2
these are my working charts, so it's quite messy.

"major" price purple trendline from 1870 was tested in the two blue circles before failure. the first circle was the OTE             long zone for the previous post settlement pump. the second circle was a test of the trendline and many people thought was a double bottom for more up, when that failed, more baghodlers were created. so any price movement into that red box will face legitimate sell pressure

the thick red downward price trendline and thick red upward rsi trendline shows hidden bear divergence possibly playing out. the price has lower highs in price under the red trendline while having higher highs in rsi . price broke down from the symmetrical triangle in black but has popped back into the upward trendline . i think it is a bulltrap. if it was strong enough of an uptrend, it should never have broken down like that. the fact that futures still has no premium, has me thinking uber bear time.

confluence of fib retracement extension targets in blue box which is also a double bottom from dec             18th. also nice round number support just above $300 usd.
so target is 1900 give or take 10cny
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doom is canceled if we break up past 1994 or preferably 2000cny
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yep, sensing any upward movement is just to burn people desperate for a breakout to the upside...rinse and repeat until full capitulation to finally get under $300?
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