I don't necessarily disagree with either your analysis or your conclusion(s), but why are you using chinese prices and chinese charts and chinese exchanges to discuss this matter?
Because the American exchanges are meaningless in terms of trend.
They just follow the lead of the Chinese. Always have.
Yuan devaluations get reflected quite quickly in the Bitcoin price.
I agree the Chinese often lead those pumps. Rarely we see a pump coming from Bitfinex, but I doubt it know after the scandals. Looks like most people moved their coins from there.
Anyway the CNY is indeed dropping like a rock, and this is reflecting in BTC/CNY price for sure.
1W Chart
We seem to be heading for the great 5180 - out of the handle at speed and volume.
What do you think will happen? Will we be able to break the resistance? Hear alot of people about a retrace to ~4500 CNY after hitting 5150 CNY.
I think that might be true.
I'm far from sure, but we seem to be moving up quite fast now without actual retracements. A big correction could become reality.
I hope youre right. So you think we'll break 5180 soon?
Yes, but that was months ago. I'm talking about a more short-term correction. But pretty much like the one you mention, except I don't think it will be that harsh. To many green candles in a row tend to scare me.
All valid points toknormal, I agree the future looks bright.
There seems to be another cup and handle forming though, on the 1W chart. Starting in June, till about now. If this pattern forms, we'll need a handle (correction) before really breaking out, right?
In other words, the next 24h are critical?
In other words, the next 24h are critical?
I think it could afford another couple of small retraces, but check this...as far as trading momentum goes, things could not be better placed. We've just made bullish exits from corrections in both the 4 hour and 6 hour chart.
The ingredients are all there. I could not have wished for more favourable winds if I had painted the charts myself. It would be a brave trader that started shorting this side of that breakout level IMHO.
Very interesting indeed.. Certainly looks bullish. Need to get my eyes off the charts now, but i'll set some alerts on my iPhone for this 'magical' 5180 level.
Don't disappoint me BTC
Anyone else thinking about selling? I'm moving 25% in order to pick up some cheaper BTC, it seems like the cup and handle pattern formed completely, after topping at 5150 Yuan. I hope to rebuy around 4500-4600.
Haha nice one!
Any clue what's next? Did I see that correctly, did OKCoin just hit 5399CNY or 785 USD?
Seems like shit's about to get real! I'm holding tight.
