BTC: Uptrend might be canceled for now but coming soon...

OKCOIN:BTCCNY   Bitcoin / Chinese Yuan
255 3 9
Key point: in this point there are many variables which suggest BTC             is going down, BUT before continuing down It should touch 1627 point due to the last RSI bull div             (strong oversold) and because 1627 is the 161.8%, namely the C wave before continuing down. The wave 12345 is not possible in this point because of measurements have not been fulfilled, therefore after btc             touches 1627 It should go down to 1330 at least.

The Key point to confirm the last wave impulse to reach 1627 consists of 1537 breaks up, anyway it seems to continue dropping with or without 1627.
Invalidation of 1627 cny prediction? Looks like rising wedge is broken (both versions of lower wedge line)
or it is not important pattern now?
wedge 2h
+1 Reply
Ingemkts oldstout
Regarding 1627 I think is waiting for 1330 fulfilling at first. We are into a consolidation zone which consists of correction flat waves at a rank between 300/2000 and 200/1300, I mean sideways time in day chart when zooming out. We will see the channel's breaking, for me it will break down, so we will be able to go up again.
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