HUOBI:BTCCNY Bitcoin / Chinese Yuan
As I thought might happen, when started sliding, all indicators quickly went which pushed price into the Daily cloud and then price rapidly went into free fall from there. Currently, indicators are still indicating the , but strong support has held at 4150 once again. This is the last major support we had that was tested multiple time previously and never broke. Resistance at this point is fierce. As planned previously, I have opened a long position that I have awaited weeks to enter. My Stop loss is at 4120 just on the other side of the lowest resistance point, and see this long all the way back to test 4600. If my stop loss is hit, I will look to re-enter a long after the next major support is reached, which is currently identified as around the 3600 point.
Comment: Sorry labeled resistance when I meant support above. My stop loss is at 4120 just below major support.