BillionaireUnicorn
Short

Bitcoin failed 3000 CNY breakout.

OKCOIN:BTCCNY   Bitcoin / Chinese Yuan
Bitcoin             failed 3000 CNY             and previous uptrend breakout with a huge and fast 500 CNY             retrace . It's forming now a rounding top around previous trend resistance indicating buyers are exhauted and traders are taking profit at this level.

Good shorting opportinity if it breaks down current channel. With first support area in the 2600-2500 CNY             level.
Comment: Rounding top didn't break downwards, so bearish signal was canceled. Instead Bitcoin held very well previous 500 CNY insta-retrace, and now looking very strong breakout the 3,000 CNY level again.

Previous daily and weekly analysis remain intact and keeps following the mirror pattern.
Comment:
What was the reason for looking at 3000 any in the first place? What did 3000 represent?
Reply
Thiggy stormlight
It was a resistent point. Today it became a support.
Reply
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