BTCCNY: Bitcoin downtrend en force

OKCOIN:BTCCNY   Bitcoin / Chinese Yuan
2107 18 28
In this chart I describe the daily downtrend signal present in the BTCCNY             chart.
We aim for 1451.98 in the next 5 days to be precise.
As long as price remains below 2130.92 in the okcoin spot chart., it's highly probable to see this target get hit.
In case we see a retracement before, the level to take heed of is the high volume node at 1550 and the low volume
support on chart.
See the annotations for more information.
We have taken a short entry with my group, around the 2148 mark, and also at 2094.4, using the quarterly futures at okcoin. Trade has made us 100%, so , we have booked half of it already, and are holding a risk free position.

Contact me for information on joining my live trading room. It's aimed at Bitcoin             traders who seek to get safe entry and exit points to maximize profits and minimize risk. Contact: skype @ ivanlabrie, PM here or QQ (364658927 / 2954487803). http://pastebin.com/SUWMzJBw

Ivan Labrie.

A daily close above yesterday's high will be bullish for BTC which might march up in a correction.
My short was a nice profit, then trailed to break even but the daily time at mode downtrend signal has failed for now.

I'll update in a couple hours.
Comment: Rejection at 2150 key level.
Monitoring for short.
Comment: Building a triangle it seems.
I'll update when the downtrend cofirms again.

Triangle apex narowing ta lot today. Tomorrowmight giver a signal.
Will cover the entry live. Announcing webinar date and time here.

Trade active
Trade closed manually: Waiting for the breakout again.
Trade active: Short now!
IvanLabrie PRO cryptopicasso
Yes, it will break today or tomorrow.
It's simple, I favor downside since the target is bigger.
I will trade whichever break comes, which with the time at mode methodology, can be ascertained if it's a false break or not.
Once confirmed for me, it's a very high probability trade.
For something that's bearish its sure taking its time to do its bear thing.
How is this a downtrend?
We started at $240 1.5 month ago coming from almost 2 years of downtrend. Pushed easy over $300 (which was major resistance 2 or 3 times only this year) with "anomaly" and parabolic move to $520. Then we successfully tested $300 again and bounced.
+1 Reply
omnike omnike
In my country there is an old sayin' (roughly translated): you are not seeing the woods because of the tree :)
+1 Reply
Depends on the timeframe you're examining and how you define a trend.
For me it's down for now. Until proven otherwise.
Go back and see all my bitcoin forecasts, I believe I can see the forest, the tree, and even the little squirrels living inside it.
omnike IvanLabrie
Yes I agree, it all depends on time frame and trending style - if you look at short term for daily or weekly setup then I could call this a downtrend. So far I was not so successful with leverage trading (OKCoin) but on longer time-frame moves I'm spot on. So my opinion dead cat bounce to $375-400 followed by testing lows $260-280.
yen21 IvanLabrie
ahaha do you believe you can fly also?
omnike yen21
Sure, I fly all the time... my favorite is Lufthansa.
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