BTCCHINA:BTCCNY   Bitcoin / Chinese Yuan
149 4 1
Noob here trying to learn my way aroung TA and BTC             investing in general. Can anyone share some insight into what might have caused this huge price drop?

trendlines hold the trend until broken. also the range before meeting the trendline were flat with each spike up being faded down. Also many traders short for that 50% retracement levels of recent bull rally
It could pop up once it hits 4200 (almost their) or 4100 :) . If your new I would suggest study up on harmonic patterns and the Ichimoku cloud. Have fun trading
+1 Reply
Thanks man, really appreciate the tip. Will look into it :)
Dreeten MarcoTulioZahn
Resistance seems to hold for now at that critical level. If you look for harmonic pattern books I'm looking at the books of "Scott M. Carney" good visual representation of real life stocks.
from 2016-09-19 till now you have 2 harmonic patterns (you will see it if you read the books) , but they are "dirty" patterns, some slippage occurred due too high trading volumes.

My suggestion to trade is find a system you are comfortable with trading on and try to trade without emotion, trading too emotionally will hurt you in the long run.
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