BTCCNY: Daily is neutral here, weekly bullish

BTCCHINA:BTCCNY   Bitcoin / Chinese Yuan
I'm monitoring the daily chart in BTC             . We have a new fundamental key level to add to our arsenal.
We need to see bulls form a daily low, that on close, sits above the 4828.24 mark asap             , to signal that the capital controls news isn't killing the rally. This might take a couple days.
For the time being I'm holding a 15% long position in BTC             , and looking to trade short term dips without closing this core position, and rebalancing if need be.

Good luck,

Ivan Labrie.
Comment: Notice that the pink support level held and that we're retracing.
Let's see if we move above 4828.24 next.
Comment: http://www.coindesk.com/bitcoin-software-version-0-13-1-release/

This will be interesting.
Comment: http://www.coindesk.com/china-miners-big-blocks/
Comment: Very strong move so far, if we hold above the resistance it might keep trending in a stable manner.

Support holding, and not a single daily high under the news key level, means buyers are in control. Daily RgMov trend shifted down though, so be careful.
Weekly is still up, this is usually a buy signal for longer term players.
Comment: BTC is closing above the news key level it seems...if it stays above, it'll keep going up. Holding long term 15% stake.

And bingo, we're heading higher, if we close above the recent high, and see price form lows above, we'll be headed towards 6555 next.
Comment: (I had doubled my long at 4918 or so)
Ivan that ZeroHedge article was proven unfounded and a fake. Bloomberg never published and said anything about capital control on Bitcoin till today.
We should resume the rally starting early December to new highs
IvanLabrie BitcoinGuru
Thanks, the news did have an effect on price clearly though.
So, we can monitor activity in prices relative to it.
+1 Reply
BitcoinGuru IvanLabrie
definitely it did! unless something official comes out in the next few weeks we should be able to resume up
+2 Reply
IvanLabrie BitcoinGuru
Indeed, let's cross fingers. We can look to buy dips while it's sideways.
Thanks Ivan! I'm not so good at dealing with unexpected fundamentals. Good to have you to keep me from getting too rattled. Thanks!
+1 Reply
IvanLabrie Vaggitarian
Thanks for your comments. The fundamentals will cause a reaction. We can logically extract information, and analyze the reaction to key levels that each fundamental event generates.

They tell a story, that is logical and visually evident.

Now we need to see first, how the market digests this, it'll take a few days, if long term smart money buyers want, they'll continue to buy on dips, and shake out weak hands when the market is too one sided.

If not, it might be more profitable for them to start unloading positions, if they consider the China capital controls news to be too dangerous for their long term vision.

We will be able to glean this from price action in the following days and weeks.
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