BTCCNY: Things might get boring for a while
Updated
Bitcoin appears to be stalling after an incredible surge when breaking out of a biweekly mode a couple weeks ago. It managed to test a strong resistance at 5047.50 and instantly fell back down, breaking a bar's low. Currently, price rebounded and is trading slightly above a key resistance level, so it'd be possible get a rally in this pair. For now, we might be looking at a triangle type pattern, where there are a variety of smaller trends that fail at extremes, and a rally or sharp drop occur, depending on where price is and other fundamental events in the big picture narrative.
The halving will come soon, this is a highly anticipated event, I'll pay close attention.
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Ivan Labrie
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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.
The halving will come soon, this is a highly anticipated event, I'll pay close attention.
Check out my updated track record here: pastebin.com/6CyyqnPT
If interested in my trading signals, 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
4h shows a very visible period of consolidation, or a triangle, which is what it is, has started to unfold.Note
We might rally from here. Risk is 5% to the downside roughly. Upside 15%.Note
Let's see if it keeps going.s3.amazonaws.com/tradingview/snapshots/j/jaT5U5F4.png
Upside to 4877 at least.
Note
Trapped inside this range still.Note
We're less than 300 rmb higher than the price when I posted...this is the definition of boring.
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