BTCCNY: Weekly uptrend signal
Updated
BTC is about to confirm a weekly uptrend here, after this week's close. Unless something strange happens and price suddenly drops under 4310 cny, we can expect the signal to trigger an uptrend to 7047.01 give or take, to be reached within the next 8 weeks. I reccomend holding a 15% spot long position, if not already in, you may go long gradually as price drops next.
If not long, or, if you booked some profits like we did, higher, we can enter longs again, if we get a dip to support, between 4600-4700, risking a drop under 4500. The uptrend would still be valid if price retested 4310, but it would make this intermediate term long fail, and postpone the start of this sharp rally we foresee here.
Good luck!
Ivan Labrie.
If not long, or, if you booked some profits like we did, higher, we can enter longs again, if we get a dip to support, between 4600-4700, risking a drop under 4500. The uptrend would still be valid if price retested 4310, but it would make this intermediate term long fail, and postpone the start of this sharp rally we foresee here.
Good luck!
Ivan Labrie.
Comment
Just bought this dip, reentered our core 15% of portfolio spot long.If we get lower prices, we'll look to enter leveraged long positions on top.
Cheers.
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Trade active
Bought more at the dip here, stops at 4500.Comment
Average fill: 4768, stop 4500Comment
And up 1.7% on the last trades.Looking good, up for the week now.
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New weekly high, holding still.Comment
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Check current price, review my comments.Comment
zerohedge.com/news/2016-11-03/china-prepares-impose-curbs-capital-controls-bitcoinThis is dangerous for BTC holders, let's close any leveraged long if you have them, and trim positions to 15% if you didn't yet.
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I doubled my long from 15% to 30% at 4736.Comment
Sold half of the position at 4767.Comment
Keep a stop loss at 4500.Comment
New 
BTCCNY key level Comment
Keep in mind the weekly uptrend duration, as well as the target. Be patient holding the core long position here.Comment
Price will probably hold above 5099 from here onwards.
Comment
This is the last week in the uptrend, if we don't suddenly accelerate to 7047.01, the uptrend might stall, or, we might some kind of pullback.I'm more inclined to think we will stall after maybe hitting the news key level at 6555, but I'm also open to a retracement, but it won't be easy, or safe to short it. After this week's close, it will still have 3 weeks to confirm the bullish momentum, in the intermediate term, so, better to hold, and simply add if we get some kind of daily or weekly dip.
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