ChartArt
Short

All-time Bitcoin uptrend broke in 2016.New downtrend to 500 CNY

BTCCHINA:BTCCNY   Bitcoin / Chinese Yuan
403 1 3
A slow moving average shows that the all-time Bitcoin uptrend broke this year. If this turns out to be true the next long-term support is at 400-500 CNY             , which is the bottom price area oft the year 2013. The RSI trend also shows that the price was not able to make a new higher high compared to 2014 and stayed below the red line at value of 60-61 (peak of 2016 so far was a RSI value of 58.5)

If the downtrend lasts again 14 months it would end in Q1 of 2017. In case the price stays above 2500 CNY             and breaks out way beyond 2650 CNY             the uptrend could go on much longer and much higher than the highest price of 2016 so far.

Short entry: 2550 CNY            
Stop loss: 2650 CNY            
1. Target: 1000 CNY            
2. Target: 500 CNY            

Here is a screenshot:

snapshot

P.S. The moving average only starts to appear in July 2013, because the calculation period is so long.
Qiuness
10 months ago
wow that turned to shit quickly :D
The uptrend imo is still intact down until ~2300
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