TReano

BTC - Bigger picture weekly - Levels to work with

OKCOIN:BTCCNY   Bitcoin / Chinese Yuan
BTCCNY            

The picture we are plotting currently reminds me of the 2014 run after the big decline.

People still expect Bitcoin to moon over night which causes a lot of fomo especially because many Bitcoin investors are very inexperienced traders and tend to overshoot.

Where will Bitcoin go? We don't know yet. There are more or less clear lines. But for now Bitcoin is very choppy in a slight downtrend. Overall Neutral.
If Bitcoin wants to stay at an healthy trend it has to stay in the range of the Pitchfork I pictured.
Unexpected big news can of course change the hole situation and make Bitcoin shoot throw everything in both directions pretty fast.

With the still ongoing civil war about the Blocksize limit which isn't showing any significant development still today I would keep a slightly bearish sentiment overall. The 2000 CNY             level should be a major and significant support you should watch very closely if it gets approached.


In the End Bitcoin is a very high risk asset with a lot of emotions and hope driving it.
Therefor: Never fomo trade / chase if you don't feel sure about your trade. Especially if you are on leverage.


Good Luck! :)

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