BTCCNY: Update - Pending downside

OKCOIN:BTCCNY   Bitcoin / Chinese Yuan
In this chart I demonstrate how BTCCNY             is correlated to equities. My previous analysis resulted in a powerful short setup which hit the target. Currently we're in a short trade, after closing out longs we had opened near the lows a couple days ago.
I anticipate more sellers coming into this pair, as well as in the stock indexes, so it's wise to be positioned on the short side for the coming weeks.

There's a deadline for price to hit my first target, which should be achieved by February 7th or earlier, as well as potential for an extended decline reaching all the way down to my second target at 1399.01.
In the short term, short sellers can book partial profits on a retest of the recent weekly low.
For more information contact me privately, I'm running a Bitcoin             , Stocks and Forex trading group, as well as offering a promotion for people who opt for coaching sessions which is valid until January 31st.


Ivan Labrie.
Trade active: Trade is currently risk free. We have covered half the position today.
Comment: Short term retrace seems complete.
If we don't see a sharp move down in one day, it might be safer to keep a wide stop and wait for the weekly confirmation (this and next week, to reach targets on chart)
Trade closed manually
Comment: Waiting for new year.
Comment: BTC has very little time to validate the decline, it must follow this path to do so.
I'll short any rally, with a tight stop above the new weekly mode here.
So you got a small rally today. Are you short? BTW 225 USD in 3 days is quite a dump. I guess anything's possible.
IvanLabrie rivet.popper
I'm flat:

Need confirmation to act safely.
Shorts have been profitable but we could see a massive drop for Chinese New Year (most likely a shakeout before more rallies)
The monthly uptrend is still up, but it demands we reach that target above before end o February.
+1 Reply
rivet.popper IvanLabrie
Hm, your prediction diverges from Tim West now. He's seeing a clear downtrend for BTC over the next 4 more weeks, then possibly further. He's not the only one saying we're still in a downtrend. Are you both using the same TAM techniques or do you use other indicators?
IvanLabrie rivet.popper
Not really, I learned directly from him.
Right now, the weekly has an active downtrend, I'll post a new more detailed chart after this weekly close.
+1 Reply
This is going to have to dump pretty soon in order to be on time.
IvanLabrie rivet.popper
Yes, true.
I'm in the short but will watch it closely.
+1 Reply
rivet.popper IvanLabrie
Hm. Imminent dump? We're gonna need it or you'll have to recalculate...
IvanLabrie rivet.popper
I covered my shorts for now. Will watch how the weekend unfolds.
+1 Reply
rivet.popper IvanLabrie
Back to business as usual on Tuesday in China. May be best to trade then. On the other hand, Chinese new year gifts are many times cash or at least cash is needed to buy presents, so maybe it's worthwhile to be short.
+1 Reply
IvanLabrie rivet.popper
True, but I anticipate a slight pullback for a better short.
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