bitwavetraders
Short

BTCCNY@okcoin - BEAR short term correction

OKCOIN:BTCCNY   None
It is about to end a c (circle) wave from a large complex correction of 5 sub waves that we can guess is a triangle. We expect to see and E wave composed of 3 sub waves with target on 0.618 of C@2906 CNY .
Long positions must be followed close (if not close already), as the wave can be just ended and start dropping down the price. Until 3005 CNY zone would be recommend start taking short position carefully, with a stoploss at 3020 CNY , and hold it to reach 2916 CNY zone.

Thanks for following
BWT team.
Trade active: Well Stop Loss was a key poit of discussion inside BWT Team. Time has shown to us that 3020CNY was too tight, But it was according to the risk of the situation. Stop has been triggered just by 1.70CNY but we keep our short position open this correction has jus began.
Trade closed manually: Complete invalidated stop 3040CNY was a good one :D

Comments

Thx for your analysis guys!
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