China 900 CNY Bitcoin Bottom

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Bitcoin / Chinese Yuan (BTCCHINA:BTCCNY)

BTCCHINA:BTCCNY Bitcoin / Chinese Yuan

fibonacci

Bottom?! (while I was busy creating the chart I did not notice the new pivot low at 1015 CNY becoming the launch pad for the uptrend) https://www.youtube.com/watch?v=MdYGJ3vLnsI

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about BTCCNY 2

Come to think of it. BTCChina actually got dumped straight to 880 CNY :D

What a panic we had...

LastBattle

indeed, but this is the first "good prediction" i heard. Everyone is talking about 133$ prices, which would mean lower then 1000

How is this the bottom? I don't understand your chart.

MoonTrader

I say 1000 CNY could be the bottom. Where I placed the Bitcoin "B". It's the 23.6% Fibonacci retracement.

ChartArt

What makes you think it's just a retracement? Looks like weakness to me.

MoonTrader

It's a target which is in the future (4am-8am). I didn't said this bottom is already here. It's -again- a bottom target.

ChartArt

UTC time

ChartArt

Ok, but I still don't understand why. It seems so random. Looks like there's already a double bottom around 1015 CNY.

MoonTrader

yes, while I was busy creating the chart I did not notice the new pivot low at 1015 CNY becoming the launch pad for an possible uptrend

ChartArt

I think that may be it, actually. We may already be starting the uptrend. I'm long.

MoonTrader

There is absolutely no bottoming pattern in place, if you are playing this for a bounce I get it, but if you think thats the end of the down move I don't see it.

sammantic

We've been oversold for a long time. There's no more selling pressure left and the downtrend is broke.

MoonTrader

MTrader, what do you think about this dip that is just happening?

Tdot

I wouldn't analyze it too much. All I know is we're oversold and time is running out. Even if we do somehow reach a new low, there's very little risk in going long here.

MoonTrader

I expect this to be the only reason why we had this reversal. The double bottom around 1015 CNY. There was no seller left to get even lower to 1000 CNY, because too many bought at this double bottom so it started to cascade in the other direction to the upside creating the first short squeeze and then more and more.

love the rocket :)

CryptoReporter

me2 !

Very nice!!!

Maddie

Don't fight the moon rockets :D

ChartArt

yeah... 230 first target 240 second

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