BTCCNY: The dollar chart is more bearish
Updated
It seems that the CNY denominated chart (BTCCHINA or OKCOIN), is less bearish, at least regarding confirmation of the decline. Whereas the dollar pair has already triggered a downtrend signal in the daily chart, RMB pairs haven't yet, but they do have similar implications. Personally, I'm holding BTCUSD shorts, added already once and trailed my stop down, and now waiting and watching BTCCNY for confirmation of the downtrend here as well. Once this happens, we'll see a significant push down, which will be a good buy opportunity once we hit my target zone.
If you want to go short, you can enter a half position now, risking a rally to yesterday's high, or simply wait for a break down under 4057.76, which would instantly confirm the move down. I'd reccomend against it, since it would have reduced win/loss ratio, compared to entering here, so, either take the entry now, or wait for a good enough setup with a tighter stop.
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Cheers!
Ivan Labrie
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We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask.
Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
If you want to go short, you can enter a half position now, risking a rally to yesterday's high, or simply wait for a break down under 4057.76, which would instantly confirm the move down. I'd reccomend against it, since it would have reduced win/loss ratio, compared to entering here, so, either take the entry now, or wait for a good enough setup with a tighter stop.
Check out my updated track record here: pastebin.com/6CyyqnPT
If interested in my real time whatsapp alerts and swing trading newsletter, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year.
Cheers!
Ivan Labrie
Link to Tim West's chatroom: tradingview.com/chat/
We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask.
Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
Note
Stuck at the mode here, once we break down the setup will confirmed in full.Note
Trade active
Got back in the short on the previous rally, after we retraced it slightly.Stops at 4605.05 for now.
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