BTCCNY: Correction happened, as expected
Updated
I 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.
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.
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Very similar opportunity here: s3.amazonaws.com/tradingview/snapshots/k/Kso1OL3c.pngprobably going to take a few weeks to burst up again.
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I think we have the bottom in place. Note we have an almost average correction now.
I'm long with almost a full position, adding a final 15% batch tomorrow.
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Note that the acceleration increased dramatically, which coincides when we confirmed the long term uptrend in BTC, which points to way higher prices during 2017.Note
Still not done in the daily, so, clearly weekly and monthly in control. News are messing with price, I assume this is manipulation until chinese new year again.
We have exactly 3 weeks until then, which matches with the required time for the weekly to signal a bottom and a failure to the downside. Either, reduce exposure to 20%, or be patient and wait it out. I'll update if there's a reason for concern, which for now, there isn't.
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We're on track to resume the upside after the average correction time expires.
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