K155MY4R53
Short

Comparison of the Paypal and Microsoft Fractals

OKCOIN:BTCCNY   Bitcoin / Chinese Yuan
845 17 6
Update: This trade worked out perfectly and netted a lovely 100CNY drop (-4.56%). Of course, you could have held on for much greater profits. With the original trade, however, just multiply the percentage drop by your preferred magnitude of leverage and you have your percentage profit; with 20x, this trade roughly doubled your money. Holding on until the bottom would have roughly quadrupled it.
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As you can see, the Paypal spike was actually much larger than this one and the market corrected as if nothing had happened within four days. The indicators (that I use) are a bit useless on the hourly right now, but the RSI certainly senses a bit of an uptrend. However, the price was firmly rejected by the top of this descending triangle and the mid-term support that has turned into resistance (I'll post a zoomed out chart in the comments to show this all more clearly).

There's some very strong resistance above here, so I'm going to put a little short trade on and we'll see what happens.

Also, if you'd like OKCoin to implement an OCO             feature that would allow futures contracts to have stop and limit orders placed on them simultaneously, vote here: http://okcoin.uservoice.com/forums/276410-general/suggestions/6829917-an-oco-order-feature
Here's the next event horizon for a big move down. When the Chinese exchanges make a clean break of that purple dashed line, we're going to see some real selling since, according to those exchanges, we're still safe and within the mid-term channel and above the support since 275. This is why we haven't seen the huge selloff that you'd have expected after breaking that support on the Western exchanges. Stay tuned for more profit ;)
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K155MY4R53 K155MY4R53
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K155MY4R53 K155MY4R53
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Apologies, the market decided to make its move as I was typing. Things are about to get real.
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Big move could actually come earlier if we go by support and resistance convergence.
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Things are going as planned. We've spent a lot of time at this vital level with many attempts at breakdowns and bounces. I think it's becoming clearer that we need to go down more and I've drawn another event horizon in blue to show the latest time at which the big move can happen. That dashed purple support is the mid-term support that's been broken on Western exchanges, but still may be in play on the Chinese ones. Sit tight.
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Paypal is not well-known in China, Microsoft and Xbox are.
A Possible Breakout
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As you can see now, these bullish news items don't affect the market in the long-term.
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Apparently the fakeout was caused by bots, the short continues to look good.
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K155MY4R53 K155MY4R53
Dat event horizon :O
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Looks like it might pop out of the pennant to the upside, playing a small long myself.
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