BTCCNY: The dollar chart is more bearish

BTCCHINA:BTCCNY   Bitcoin / Chinese Yuan
It seems that the CNY             denominated chart (BTCCHINA or OKCOIN), is less bearish , at least regarding confirmation of the decline. Whereas the dollar pair has already triggered a downtrend signal in the daily chart , RMB pairs haven't yet, but they do have similar implications. Personally, I'm holding BTCUSD shorts             , added already once and trailed my stop down, and now waiting and watching BTCCNY             for confirmation of the downtrend here as well. Once this happens, we'll see a significant push down, which will be a good buy opportunity once we hit my target zone.

If you want to go short, you can enter a half position now, risking a rally to yesterday's high, or simply wait for a break down under 4057.76, which would instantly confirm the move down. I'd reccomend against it, since it would have reduced win/loss ratio, compared to entering here, so, either take the entry now, or wait for a good enough setup with a tighter stop.

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Ivan Labrie

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We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask.

Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance             on such information.
Comment: Stuck at the mode here, once we break down the setup will confirmed in full.
Trade active: Got back in the short on the previous rally, after we retraced it slightly.
Stops at 4605.05 for now.
Ivan I assume you closed that trade and went long upon breakout correct? peace
IvanLabrie BitcoinGuru
Hi, no, not long. Holding some ETH longs only now. I'm flat BTC. More interested in Forex right now. I'll look into shorting when safe.
+1 Reply
BitcoinGuru IvanLabrie
ok thanks! holding a long here will see how it goes with BTC
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