BTCCHINA:BTCCNY   Bitcoin / Chinese Yuan
468 4 3
Wave ii appears to have completed an almost perfect 50% retrace to 1475 where it has so far met solid support.
1hr and 4hr StochRSI are simultaneously bottomed and charged for a move up into wave iii            
As my wave i target 1515/1520 was not reached, this means wave i was very slightly shorter so I'm expecting a longer wave iii             with a shorter wave iv up to the higher targets.

Although this does not seem to accommodate the probable resistance at 1543/ $250 so I wait to see how that plays out.

Whether this is in fact a correction up to II or is indeed wave 2 of a new bull trend remains to be seen once we complete the journey towards $270 / 1680cny
ChartArt
2 years ago
Since I got bearish today, I have to warn you that based on the chart which you published the StochRSI is quite high at value 94 and nowhere near "bottomed".

But I agree that the current price "has so far met solid support".
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rubenthin PRO ChartArt
2 years ago
Thanks Chartart. Yes, I was meaning the 1hr and 4hr RSis.
I find that once in this higher territory price can continue to move upwards...so I am not too concerned about the this relatively high figure on the 1D indicator.

Why are you bearish though?
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ChartArt rubenthin
2 years ago
Besides the bearish StochRSI I'm bearish because of the new 'Kiss of Death' with the price average, as shown in my new chart:

Yet another chance for bears, if the price stay under 240 USD
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rubenthin PRO
2 years ago
Just an update on this previous post of mine.
My current thinking is that we are still in the wave ii down.
I think I was quick to jump on the strike of 50% as completion of the retrace.
I was beginning to think it wanted to retrace deeper but the pattern looks like it maybe an abcde.
Dicey territory as it's chopping all over the place, but I will be watching for this to complete at 'e' before the previously posted wave iii up.
snapshot
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