Massive Move in the Works

HUOBI:BTCCNY   Bitcoin / Chinese Yuan
222 8 1
I haven't been publishing lately because this area has been incredibly difficult to navigate with short sqeezes, fakeouts and everything else that makes Bitcoin             Bitcoin             . Therefore, I've had a look at some of the longer timeframes and the story is interesting. As you can see here, there is some serious convergence of indicators. We've been hovering around this level for a long time...too long. Volatility is getting low, but not explosion-just-around-the-corner low. Break ups and break downs have been suppressed in favour of remaining at this level. I've had my fingers burned (and bandaged) several times, trying to pre-emt the big move. All I can say is, you'll know it when you see it.
Looking at things like the daily and the monthly, my bias is definitely to the downside. Other strings to the bear bow: a large upside move would be fighting the tape; we're hanging around above this support for a long time having bounced off it - why haven't we bounced away from it?
There are arguments for the bullish outcome, however. The support at this level is very strong. There have been several attempts to breakdown from here. You get the idea.
Therefore, my advice would be to wait for confirmation of this big move and play it. As I said, I'm biased to the downside but can't be certain and am awaiting confirmation myself. Happy New Year and a profitable 2015 when it comes.

Only CCI has actually confirmed the breakdown so far. RSI, the most reliable, has threatened to break that support trendline but still hasn't technically made it's mind up.
K155MY4R53 K155MY4R53

The numerous failed breakouts and this H&S forming on the Chinese exchanges leads me to think that we're on the brink of Armageddon, but it might not be too late for a bullish rescue mission. Should be interesting.
+1 Reply
BitcoinGuru K155MY4R53
thx for the update, just sitting here and waiting for the breakout. leaning towards more down but yeh finex shorts could bring us 32x or 34x for a little while then down after so who knows..
+1 Reply

Here's a rarity: this selloff was kicked of by an inverse Cup & Handle playing out...in Bitcoin. You do not see that everyday, my friends.

Had a lot of people doubting my calls lately, no hard feelings :)

I'm definitely favouring the bearish scenario but time is running out and it's still all to play for.

My findings on the hourly. Again, winding up.
K155MY4R53 K155MY4R53

Wrong chart, here it is.
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