BTC trendline Broken

OKCOIN:BTCCNY   Bitcoin / Chinese Yuan
Unfortunately triangle was broken to the downside. Signals end of rally thus far. We will have larger and larger dumps in coming months.

Invalidated if new high is made.
Trade closed manually: Trade closed manually: Dump fractal broken. In past 6 hours price should have trended down to new low. Instead it made new local high. Bullish.
yes very bullish indeed
+1 Reply
it depends much on how do you draw that one and which data do you use. atm okcoin seems to have a perfect bounce for me, while btc-e is quite far away from their trendline. hidden bull may still play out.
akaash00 oleg.golubovich
Never use btc-e as data as they have a lot of drunk panics there and never have a good trend line.
I used to think this way earlier as well, but time shows their data analyzed through proper trading platform (I prefer MetaTrader) gives pretty nice info when using 1+ hour charts. Though 15-30 minutes and less are total mess.

Have to say I disagree - yes upper support dotted green line broke but we are bouncing on the trend support (red line) and 38% re-tracement from the last impulse wave 3
BTC in bullish markets paints clear elliott waves - ellitts rarely lack the 3rd impulsive wave (wave 5) - i believe if we hold here at this support and 38% retrace it will spark the next impulse of buying with the full moon coming
+2 Reply
oleg.golubovich cryptopicasso
highest probability for me too. great chart!
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