BTCCHINA:BTCCNY Bitcoin / Chinese Yuan
Simple, we can go long here with good odds for a rally in the intermediate term.
Comment: Looks good.
Comment: Holding for more upside. USDCNH uptrend helps BTC rally.
Trade closed manually: See updated chart, we booked profit and shorted, support didn't hold, not looking good for bulls.
Comment: Realized reward/risk here was 4,89:1 if you closed at the top, since we got 77 rmb below our entry only.
Comment: (this is also called "Maximum adverse excursion" and is a good metric to evaluate your trading signals.
Comment: More cha-ching'ing.
I know you go by time mode. IMO I think the fundamentals have change and we switched to a bear trend. Halving was the catalyst that accumulators used from the low 200s to pump price. Price on the weekly retraced 61% fib. And so far we done a 61% retrace on the weekly on the way down, and just finished topping out at 600 which was also around a 61% retracement from 480. Price I think will bottom around 300 to 360 for a while. It will probably take months to get there. Breaking and holding below 500 would confirm bear market for sure though.