ChartArt
Short

The Bitcoin rally is over after forming a double top pattern

BTCCHINA:BTCCNY   Bitcoin / Chinese Yuan
After a fast and furious price advance in Q4 2015 the weekly RSI now looks like a double top and therefore the only direction for the BTC price is back down to test the deep buy support (which could be around 1900-2100 CNY             ).

Short entry: 2750 CNY             (not everyone was able to sell during Christmas 2015 ...)
Stop loss: 2800 CNY            
Target: 2050 CNY            

P.S. If the price falls and stays below the SMA 200 this would confirm my bearish "Untangle the Bitcoin angle" scenario.
BuyBitcoin.WS
a year ago
Yup and you forgot to mention the H&S that formed at the top. Once we break 400 both the double top and H&S will confirm for me. then 315 will be visited.
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etrada BuyBitcoin.WS
a year ago
You must be talkin bout BTCUSD. RSI at weekly is still close to overbought. If it still rises, I'll sell my last little pots.
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SunnyMorning
11 months ago
well done analysis. I also hold all my bitcoins. I will be selling them in 2020 for $20,000
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