Down trend breaking, some room to breath

HUOBI:BTCCNY   Bitcoin / Chinese Yuan
269 0 5
We broke a down trend that was getting quite strong on the 4h. This has given the price a new range to work with and strengthens the shorter term up trend that has been forming.
The last few weeks have felt bearish , although the price did not make any lower lows, so ultimately this appears to be serving to provide a strong support (marked in yellow).

If the short term channel breaks up (2777) soon, expect a nice pump up to the top of the larger channel (2835). From there the price will likely hold for a time.

In the long term if the bullish channel continues to grow we may eventually break the strong down trend line visible in thick red at around the 2900 mark. Though this is yet to be seen.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out