ChartArt
Short

Bitcoin's game of musical chairs is coming to an end

OKCOIN:BTCCNY   Bitcoin / Chinese Yuan
316 2 8
"Musical chairs is a game where when the music stops, each player attempts to sit down in one of the chairs. The player who is left without a chair is eliminated from the game. "

Main reason to be bearish: A intra-day             triple top with multiple failed attempts to break the resistance:


Short entry: 2222
Stop loss: 2322
Target: 1750

This is the main uptrend channel which I posted 3 months ago:

Comment: I wrote as target 1750 CNY to get the chart quickly posted while the price was above 2222 CNY.

Actually I see the final bottom support area if this really turns into a downtrend even lower between 1500-1550 CNY, while my older chart from 3 months ago (see above) hints at 1575 CNY (the blue line).
Comment: The StochRSI actually made a bearish cross today, while it was only close to doing so yesterday. Thereby confirming a bearish trend.

More importantly the price made a lower low on OKCoin and also fell below the fast double exponential moving average and is currently at 2155 (last intraday low 2120).

Thanks for the chairs, perfectly describes trading in general and bitcoin particularly. You made my day! :P
3D and weekly still look very promising, the first time for the last two years. Agree with high correction probability but let the market show itself soon.
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Awesome analysis!
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