BTCCNY: Update - Pending downside
Updated
In this chart I demonstrate how BTCCNY is correlated to equities. My previous analysis resulted in a powerful short setup which hit the target. Currently we're in a short trade, after closing out longs we had opened near the lows a couple days ago.
I anticipate more sellers coming into this pair, as well as in the stock indexes, so it's wise to be positioned on the short side for the coming weeks.
There's a deadline for price to hit my first target, which should be achieved by February 7th or earlier, as well as potential for an extended decline reaching all the way down to my second target at 1399.01.
In the short term, short sellers can book partial profits on a retest of the recent weekly low.
For more information contact me privately, I'm running a Bitcoin, Stocks and Forex trading group, as well as offering a promotion for people who opt for coaching sessions which is valid until January 31st.
Cheers,
Ivan Labrie.
I anticipate more sellers coming into this pair, as well as in the stock indexes, so it's wise to be positioned on the short side for the coming weeks.
There's a deadline for price to hit my first target, which should be achieved by February 7th or earlier, as well as potential for an extended decline reaching all the way down to my second target at 1399.01.
In the short term, short sellers can book partial profits on a retest of the recent weekly low.
For more information contact me privately, I'm running a Bitcoin, Stocks and Forex trading group, as well as offering a promotion for people who opt for coaching sessions which is valid until January 31st.
Cheers,
Ivan Labrie.
Trade active
Trade is currently risk free. We have covered half the position today.Note
Short term retrace seems complete.If we don't see a sharp move down in one day, it might be safer to keep a wide stop and wait for the weekly confirmation (this and next week, to reach targets on chart)
Trade closed manually
Note
Waiting for new year.Note
BTC has very little time to validate the decline, it must follow this path to do so.I'll short any rally, with a tight stop above the new weekly mode here.
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