ChartArt
Short

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

OKCOIN:BTCCNY   Bitcoin / Chinese Yuan
297 2 8
a year ago
"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:

snapshot

Short entry: 2222
Stop loss: 2322
Target: 1750

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

Bitcoin correction until late August, early September 2015
a year 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).
a year ago
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).

snapshot
Alt PRO
a year ago
Awesome analysis!
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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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