HUOBI:BTCCNY   Bitcoin / Chinese Yuan
232 6 0
Here is a hourly chart of Huobi.

As seen from the chart, Fib 1.618 has become a support level together with a resistant level.
Also, RSI divergence has ocurred.

The reason for which I did not buy before was that the bottom could not be confirmed. The similar situation is where a red arrow is pointing.

Now it is time to buy at Fib 1.414.

A buy zone I believe is a rectangle box colored Red.

But be advised that it is important to make sure the deal is successful.

'A' zone was a previous buy zone I thought, but the price has not gone that far, and bounced off.

In the long term - on a daily chart - Wave 2 appears to be finishing and Wave 3 to be commencing.

Of course, the price may go down once more, althought it is much less likely.

Should the price break into 2154 Yuans and go further a little, I ought to contemplate to cut loss. That may be presaging double bottoms, but I am presently thinking that less likely.
I have bought with two-thirds of my asset at 2162 Yuans, and am going to make another deal 5 hours later on with the rest cash.

Of course I have used 3x leverage.

It would not hurt to buy a little above the lowest, lest the deal be unaccomplished
Although one may want to buy lower, I recommend to buy now or somwhere around 2160 Yuans.

Kindly leave a comment which is going to be helpful for amateur traders like me.
Thank you.

The divergence might not be as useful as is it looks right now, it could worked out already. Take a look @ the divergence of 10-16 until 10-18. The same happens here. The RSI stayed stuck @ around 72.... the same could happen this time...
+2 Reply
June Maddie
Thank you for your comment.
I recognize you, who were expecting a bullish market.

As you say, one is not advised to rely wholly on RSI divergence. But divergence itself is comparably useful.
My bullish expectation is based on several things - not only RSI divergence.

You may forecast a bearish market, with which I agree may occur.
But it should be wise buy here, I conclude, because even if a little new decline starts, it can hardly go down much furhter.
June June
Correction : wish buy -> wish to buy. furhter -> further
I'm already all in in BTC bought much lower :)
But ahm, i'm not forecasting a bearish market, I'm just trying to warn you that this could also be a bulltrap...
+2 Reply
June Maddie
If so, you are going to liquidate your position?

Trying to warn is not helpful. Because all trades involve a risk. I know this may fall again.

After all, I am grateful for your comment, and you appear to have better insight into market than mine is.
Nope, I'm waiting and i'm long, my average is still save :) based on it's fundamentals I believe it will al fall in place sometime. But if your buying and selling on short term I have no idea what to do ;p just wait for a pattern to be confirmed :)
Thought you maybe didn't noticed it.
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