BTCCNY: Resuming the monthly uptrend? - Minimal downside risk

BTCCHINA:BTCCNY   Bitcoin / Chinese Yuan
Bitcoin             has been in a monthly uptrend for some time, but still hasn't reached the target.
Currently the weekly chart had given signs of a potential decline, but said decline is now failing to confirm the downside, giving way to a potential long trade.
I'll be looking to enter longs by the weekly close, aiming for a 58% to 100% upside, risking more or less 20% from my entry. Currently there is a possibility to trigger a weekly time at mode uptrend continuation signal, which would suggest price could reach 3720, or even 5097 in 9 weeks or less.

My group will be entering this and the potential uptrend continuation trades today, and we will continue to exploit this juncture if we get confirmation of monthly uptrend resumption. Currently, price has to move above 2955 to give way for further upside, but I think it's highly likely that this happens in the near short term.
For more information on joining my private trading group or if interested in mentoring, contact me via pm here, skype or QQ.

Good luck!

Ivan Labrie.
Comment: We're now above the mode, good progress. I'll add once we get more signs of strength.
Excellent progress!

It's on!
Comment: I have bought 5% of capital at 2543, and 15% more at 2714.
Comment: 2955 is really close, if crossed above and we see a weekly close over that, we can start considering the monthly uptrend is still in play, and aiming for 5000+.

Momentum validated in the daily, let's see if we hit the monthly targets on time.

Good progress in Rgmov, in all but Kraken.
Comment: After February's close, we will have a new 12 monthly mode, higher, which indicates an uptrend's forming.
I'm expecting more rallying to come next week.
Holding positions.
Comment: Closing the week up would be very nice for BTC.
Comment: Note that we hit the 'top target for the recent uptrend leg' and retraced, right after the projected time duration for the rally ended (see green box).
Then we retraced, and are ready to launch into a new rally soon.
i thought bitcoin is a scam, seems not the case
IvanLabrie dingying85
Far from that!
It's the new gold (potentially).
Definitely an interesting asset.
Like donkey kong.
+2 Reply
I was ultra Bear and Im not im long.
thanks for sharing. definitely seems to be basing here. once the Chinese get back in the market after the holiday this could move sharply north. closed my short from 390s for now. waiting with finger on the trigger to go long or short depending on what happens this next week to minimize risk. cheers Ivan
+1 Reply
I hope your right, but I'm staying short. Looking to buy between $335 - $350.
If it falls a bit I'd average my entry, my current position has a 20% stop loss.
Panayi IvanLabrie
Nice. Good luck.
+1 Reply
BitcoinGuru IvanLabrie
Where is your stop? bid side is pretty thin right now. As long as the mode 2500cny were good for up but below that doomish.
+1 Reply
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