OKCOIN:BTCCNY Bitcoin / Chinese Yuan
BTCCNY has made a run for it, briefly breaking out of the grand log down trend but is now consolidating below. The form of the drop is clearly corrective, suggesting that there is more to come in any case. The drop could be a iv, ii or x wave. Following the drop a five wave form has risen and corrected to 70%, typical of a primary wave correction. Since this is following an abc correction, a guideline is that it will retrace the abc by at least 62% at the least in the most plausible count, this is aiming at the high 1500s and the low 1600s. The implications of breaking up out of the grand log trend are unclear but indeed interesting. I would like to introduce the idea that this is wave 1 of a triangle thrust, more on that later, but I think the attitude towards trading here should only be moderately .