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BTCCNY

BTCCNY: Daily uptrend intactBTC has hit the bottom of the linear regression trend, from the Bitfinex hack to the top before the PBOC news, and we can clearly see that the support held, and we moved back up for now. I wanted to see no new low after my last publication, and it already happened. The sellers indeed got trapped, and the downtrend that started on 1-11 failed. Once we see prices tread above today's high, we'll probably see a strong short squeeze rally. Longer term, I'd like to see a consolidation, proving investors are accumulating positions in this zone once again, and that we're not seeing a repeat of the 2013 top (dynamics are completely different). What I envision happening would be a repeat of the consolidation after the sharp fall that followed the initially rally that retested $500 for the first time after Bitcoin bottomed. Alternatively, we could see a shorter consolidation, before shooting up again. The exact timing doesn't have to much, since we already triggered a continuation of the initial uptrend that lead to the 2013 high, which wasn't the case in the period I reference. So, don't read too much into this, we need to see how it evolves from here, but if we stay above 5667 and march higher gradually, we'll surely see WAY higher prices in the future. Good luck, Ivan Labrie.
BLong
by IvanLabrie
32
BTCCNY: Correction happened, as expectedI graphed the average correction here, average time duration and average price range. I expect BTC to bottom, after the smart money got rid of panic buyers and converted bears who might have given up and flipped long after making new all time highs and accelerating. This played out just as I expected it, so, if you reduced your exposure to 15-20% before it, feel free to thank me, or even sign up for my services. On the fundamental side, we have a new key level here after today's close, I'll post it in comments. There were news of the PBOC implementing capital controls, and a headline today, from Bitquant's founder, who said capital fleeing China isn't really using BTC, which actually is bullish in the long term, if the reason of BTC going up isn't chinese people shuffling money out of China, since it means there's something else driving the growth, something more productive perhaps, like mass adoption, and bullish sentiment from larger investors. We're looking to establish a large position here again, and we'll do it gradually, as we get more and more confirmation that the correction is done, and that it isn't the start of a longer term decline, which I think it isn't. Seeing oversold readings in the daily is a nice boost to our confidence, and having a nice discount from the top, an interesting opportunity to add back to our long. Good luck, Ivan Labrie.
BLong
by IvanLabrie
50
A proper handle is needed to unleash the Green DragonContinuing with the downwards trend after the PBoC market intervention on the Chinese exchanges at the beginning of the month and followed by the elimination of the no-fee policy by the three major exchanges in China, I think bitcoin will continue to go down to around 4750 CNY considering it's bullish tendency is at pause. Bears are in control again but not for long. We need to create a proper handle for the massive cup we had for 3 years, 1 month and 18 days. A proper handle won't be ready within one month. I expect Bitcoin to complete it's first H&S (red) towards the end of January and then dump even more, which would create the second H&S (green) to bring bulls back in control and resume the uptrend. I expect this new uptrend to take us back to January's ATH around the middle of march (see chart) and then in the day of the spring equinox, the green dragon will be unleashed to take us to a new ATH, this time, around 13000 CNY or about 2000 USD at the time considering Trump's coming USD devaluation and China's continuing CNY devaluation in US-China's upcoming declared trade war. In conclusion, I remain long term bullish, short term bearish until reaching 4750 CNY (750 USD) and expecting a major uptrend around the spring equinox driven by news. Very likely the proper regulation by the PBoC will be the expected Green Dragon trigger. Of course, time will tell if this would work out this way or not, but have in mind that the handle will be much more consolidated and the uptrend much stronger if we touch the bottom a second time and make the handle three months long instead of just one. More info about spring equinox in Chinese culture: earthsky.org
B
by CoinMajesty
BTC WEEKLY CHART: "The Panic Zone" Waiting for THE Cosmic EventThe Chinese Yuan devaluation is now complete. The Chinese banksters realize the insiders can move money in and out of Bitcoin as a value store. A fake investigation of Chinese based Bitcoin exchanges covers the insiders asses while preserving this avenue for their future devaluation shenanigans. The result: No more margin trading (unless you use some other exchange location) and no more fee free trades in China. Did this impact the price of Bitcoin? No. Why would it? The Yuan is as low as it can get against the USD. The USD is at a huge unsustainable high relative to all other currencies. As the USD devalues watch for what the Chinese do. This will give them ample opportunity to devalue the Yuan further. Can Trump save the US economy? That is the biggest question of the year and it will take that long to really find out. For now we are in the doldrums. BTC is reverberating and it appears that the top blue dash resistance line is valid. I'm changing my outlook to wedging action between the red dash support and blue dash resistance to a point of $900 by July. The price can still get as low as $750 but should stay there only briefly. This action will complete the classic "cup with handle" formation. Break out from the handle above $900 after July and the a secondary breakout in large volume from the cup formation is the cosmic event we are all waiting for. This could be the year it happens. Countries currently in full panic: Venezuela, India, Mexico, China, Germany, France, Italy, Greece. Japan.
BITFINEX:BTCUSD
by investigator
10