Bitcoin value has created a double within the BTC/CNY exchange charts and that we would possibly see a trend reversal nowadays. However, the USD exchange charts don't make sure the double high pattern and that we examine the confirmation signals for trade.
Bitcoin Price Analysis
OKCoin-CNY 15-Minute Chart
A partial outcome for our expectations however we have a tendency to still don't have decent value action to see whether or not trend can continue higher or if it's currently reversed.
The CNY charts written a double high however Bitstamp, Bitfinex and also the OKCoin USD charts show a brand new high nowadays. Meanwhile, BTC-e isn't following the opposite exchanges down and continues to be holding its level on top of $270. therefore a mixed image within the charts.
The current declining wave is attributed to a Head-and-Shoulders (H&S) pattern shaped at the highest (blue annotation shows the neckline). The CNY charts' double high, shaped to the high of the seventeenth, implies a correction all the way down to 1600 CNY and $250, however the double high isn't convincing altogether the charts, therefore there's scarce reason to trade short at the instant. a possible sell signal is forming within the 15-minute chart, ANd this might be an initial clue that means trend is presently inform.
- Remember the clever speculator is always patient and has a reserve of cash. - Jesse Livermore
Summary
We want to examine what the market will next. worth has paused decline when finishing the H&S pattern and will currently push higher once more. however high and in what percentage waves can offer US clues of trend continuation to the face. we will solely, reasonably, open purchase positions if worth advances to a brand new high (thereby unsupportive the double top) and if it will thus in impulsive (5-wave) worth action. If worth doesn't push to a brand new high and continues decline below the 1-hour 200MA, then doubtless targets ar $250 and 1600 CNY.
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