Donghyeon  Lee

Short term forecast on BTCCNY

OKCOIN:BTCCNY   Bitcoin / Chinese Yuan
An hour ago, we witnessed failed breach from 1520 to 1550, and subsequent crash to 1490.
I bet that some of you may recall a 2nd~4th May, which also had two top and local reversal pattern.
I think we will experience one more decline to 1450 in 2 days in any case.

However, I have 2 scenarios since then.

If Chinese Stock Market is proved to bearish , then the whales may boost price up to 1560 in 3~4 days
as repeated for a month; this will consolidate bullish channel and we can expect 1800 in the end of May.

If not - Chinese Stock Market soar up -, the whales may not boost bitcoin             no more for a while.
In this case, bargain seeking long cover will press price down to 1420, or 1400.
Then the bull channel will be slowed and sidewalk will long last, may until the end of May.

+ I want to say one more thing. Even though whales from 'Western' market sometimes manipulate,
bitcoin             price is totally dominated by the Chinese whales especially on OKcoin 20x leverage future.
If we can find who lead the trend on OKcoin future, we may forecast short-term prediction really accurately.
Nonetheless, we have no way.....

Have a nice weekend.
Yes, China is controlling the market. The last pump which brought the price above $240 / 1500 CNY had been started in China. I checked the 1-minute charts.
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