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
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.
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".
Thanks Chartart. Yes, I was meaning the 1hr and 4hr RSis.
I find that once in this higher territory price can continue to move I am not too concerned about the this relatively high figure on the 1D indicator.

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

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