BTCCHINA:BTCCNY   Bitcoin / Chinese Yuan
2655 9 47
For immediate release: Illuminati pattern
Comment: we have a date with Sauron at 4900cny
Comment: Sauron resistance hit. you shall not pass! (yet)
Comment: weekly needs consolidation below sauron's line, reseting indicators
Comment: it's time for a tasty cappuccino
Comment: next weekly resistance at 5500 and 6000 cny.

but with cup and handle and also inv h+s looks promising
Comment: after taking out the 0.618 level expect new support at 5000, after 5500 cny we complete the inv h+s, 6000 on btcc is the 0.786 level, so expect resistance there
Comment: meanwhile gold has formed a bearish head and shoulders on the long term chart.
If the neckline breaks and just a little amount of gold is diversified in crypto, this could have a big influence on btc because of it's tiny market cap.

Comment: if we cant reach the next fib in time, i expect that we should have solid support at the 0.618 level near 5000cny now
Comment: 0.786 level hit!
Comment: fib circle breakout and fib levels for stamp:
Comment: reaching the channel target and previous ath soon.
Time for a new chart soon, big question is if we got a cup and handle again
Comment: gratz all holders! we did it! new ATH. now critical, breakout channel or not?

Comment: breaking news:
Comment: 4.236 target reached, new idea:
Yes I like but still think Bitcoin has to retrace a little first to around $670 level before ring again to nearly double ath say $2200 after that the gods will decide!
P.S. last comment 15 days ago proved correct(somewhat short on dollar pairing) but now revised opinion as rising wedge in play .
koryu zippy1day
@zippy1day, i agree with you that it could need a correction to play out the rsi bear div but i am not sure why it should not go to 6000cny first and then retrace a bit. overall i remain bullish while we are in this purple channel on daily chart

@koryu, for it to go to Y6000 it would have to break upwards outside the rising wedge which is rare but not unheard of which as you know makes wedges very unpredictable as a pattern.
zippy1day zippy1day
@zippy1day, Look where my target comes in....very interesting
koryu zippy1day
@zippy1day, interesting, it could go down to draw the cup and handle, i think most important is now the old ath level on btcchina and if it can hold above it
@koryu, Don't want double top ev
erybody scream bitcoin dead ABC for Wave 4 would be fine !
I agree and anybody who does not but the Y5500/ $800+ breakout seriously needs medication lol
Love your analysis!
+2 Reply
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