BTCCNY: Things might get boring for a while

OKCOIN:BTCCNY   Bitcoin / Chinese Yuan
Bitcoin             appears to be stalling after an incredible surge when breaking out of a biweekly mode a couple weeks ago. It managed to test a strong resistance at 5047.50 and instantly fell back down, breaking a bar's low. Currently, price rebounded and is trading slightly above a key resistance level , so it'd be possible get a rally in this pair. For now, we might be looking at a triangle type pattern, where there are a variety of smaller trends that fail at extremes, and a rally or sharp drop occur, depending on where price is and other fundamental events in the big picture narrative.
The halving will come soon, this is a highly anticipated event, I'll pay close attention.

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Ivan Labrie

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Comment: 4h shows a very visible period of consolidation, or a triangle, which is what it is, has started to unfold.

Comment: We might rally from here. Risk is 5% to the downside roughly. Upside 15%.
Comment: Let's see if it keeps going.

Upside to 4877 at least.
Comment: Trapped inside this range still.
Comment: We're less than 300 rmb higher than the price when I posted...this is the definition of boring.
I think this makes the most sense, but will not happen because bitcoin just emerged out of a period of its highest stability EVER when it ranged in the 4xx's before the break out. So I am expecting big volatility because of that coupled with the much anticipated halving, and global economic uncertainty. That is why I made this idea: ...should be interesting to see how things play out, it looks like a head and shoulders has formed on huobi, waiting for confirmation of a break of the neckline which is around 4100.
Many will see the H&S then. Thanks for letting me know. I didn't see it (I don't trade them).
I do pay attention when they show up, cause they fail pretty often.

I think the safest forecast, is sideways until the halving, but it can still move a bit higher yep.
Cheers, thanks for the comment.
btc_joe IvanLabrie
Yup well let's see if 4100 breaks, if not then maybe this is just chop and your chart looks more likely.
agree, my thoughts is that bitcoin still in a bull run, currently correcting to 3355 CNY zone
+1 Reply
IvanLabrie altcoins_trading
Yes, I don't discard more upside after a consolidation, hence this analysis. We can watch how price reacts to the key levels and decide when to reenter longs lower if need be. I closed most of my longs already, still have some from June 23rd though.
+1 Reply
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