Get started

BTCCNY

BTCCNY: Daily view updateThe weekly BTC chart has failed to reach a 'momentum validation target' in time at the close of last week, but the chart remains bullish, showing the uptrend is in progress still. We have added back to our long position at 5350 give or take, and we aim for 6530 to 7390 to bank some of our trades. There is time to hit these targets until January 15th, but in the short term, we don't want to see price go lower than 5369.53, if we do, we should keep a hard stop at 5145.08. If you have buys from way lower prices, keeping a 15% account sized position will be a good idea in the long term. Good luck, Ivan Labrie.
BLong
by IvanLabrie
32
BTCCNY: Good dip to buy up to 80% account with no leverageWe have a nice chance to enter longs here with a tight stop loss. We can jump in right now, or wait for a few hours if more conservative. Stop loss is 5145.08, if we go below it, we might get a correction in weekly scale, so ideally, we stay above it. Timing the entry would help with getting in and seeing profits instantly. If you jump in now, although price is low, and at support, it might go in the red briefly, so, it would be easier to wait and go long by 6pm my time, GMT-3 to be safe. Good luck, and either trade with no leverage, only holding up to 80% account in BTC, or risk no more than 3% per trade. Cheers, Ivan Labrie.
BLong
by IvanLabrie
26
BTC WEEKLY CHART: "The Panic Zone" The China Yuan DevaluationThis 8 week arm of the 1.5 year BTC rally is about to subside. First a little history. The Chinese investors (not the government) are in control of BTC value. The Chinese banksters are actively devaluing the Yuan. This is round two of major devaluation moves and it is nearing completion. As it completes the Chinese investors will start taking down their profit converting BTC back into Yuan. The evidence: On the BTCCNY chart the volume in this rally was through the roof. This has tailed off while price continues to climb. This last push is by uniformed stragglers and the informed are about to eat their lunch. On the BTCUSD chart, the volume of this devaluation rally was almost non-existent. The US investors are either completely demoralized or distracted or both. I'm sure the Bitfinex hack pushed many US investors out of the market. Nevertheless, the real indicator to look at is the oscillator Stoch shown in the graph above. It is screaming TOP TOP TOP as what little USD volume there was has tailed off to nothing. The Technicals: I drew a long term resistance level months and months ago based on Fibonacci wedge analysis. This is represented by the blue hash line. The price has reached this resistance. So how do I know the resistance is real? I don't. It's an educated guess. If I am right, this rally will correct back to the red hash rally trend line. This can either be a slow bleed (likely) or a quick retraction (unlikely). My call a couple months ago for $750 by February is still in play. While a penetration into resistance can still happen, the weak volume in the USD market and the dropping volume in the CNY market are strong indicators that a penetration, if it happens, will be short lived. This picture could change in February. From here on out, the total market quantity of BTC will flatten out as minors start to go off-line and transition into full time transfer agent servicing. This will be the foundation for further growth in the value of a BTC. Right now the USD is strong. Trump may succeed with his mandate and change is in the wind but the long term problems of the unfunded liability of the US federal government are YUGER. The federal reserve cannot raise interest rates without destroying the federal government budget. To continue fundingg deficit spending, more dollars must be created. The more dollars that exist, the less they will buy. This is called inflation. Hyperinflation is showing up in a few places, real estate, health care costs, and higher education costs, and it will expand to other areas. In the long term USD strength is a short term delusion.
BITFINEX:BTCUSD
by investigator
3
Monero: Fail me once, not twice.Monero's bullish tendency will consolidate towards the middle of December. Around the same time, I expect bitcoin to have its last move down due to the decision the FED will be taking on december 16th about the interest rates in the US. Considering this, we can expect around Nov 30th - Dec 1st a move down in Monero towards the 0.0092-0.0094 area to continue consolidating until the triangle breaks up. This move down will very likely happen while Bitcoin moves up due to the breakup of the triangle it has been in since mid November, very likely by the influence the Chinese manufacturing PMI will have in the market direction*: Special mention to @Gebbo for a great graph.
Short
by CoinMajesty
Keep care! Chinese manufacturing PMIThe Chinese manufacturing PMI will influence the market direction. If the PMI will be lower then the last time then we will have a breakout above the upper side of the triangle. The volume should increase around 28.11.2016. If the breakout to the upper side of the triangle fail we will retest the 4600-5800 yuan support zone which is also at the 50% Fibonacci retracement. RSI perfomed a bullish bounce, which indicades a bullish breakout by time.
B
by Gebbo
2
BTCCNY: Daily viewBTCCNY has a longer term uptrend, but here I'm looking at the daily linear regression channels we can draw on each swing. If you extend the lines, after a high pivot happens, you can see where price can bounce, to maintain the uptrend progress. The pink arrows show this, and the channel changes with any high pivot that is broken on retest. I think we have a chance to get action like the green pathway implies, but I'm open to a larger consolidation or even a pullback lower, so I'll react to whatever happens next. For the time being I know where to place my stop if I get a buy agains the support zone between 4953 and 5102: 4805.26. This is a weekly level though, and we also need to wait for one more week to determine if the uptrend speed is sufficient to keep this pace, else we'll see a correction for some time. Good luck, Ivan Labrie.
BLong
by IvanLabrie
19
BTCCNY: Weekly uptrend updateI highlighted the weekly support buy zones we have had in the past, as well as the curretly active one. The 8h setup I pointed at might not work with a tight stop, but it's still good to hold longs from 4950-5100 overall. Just make sure your risk, if adding new positions is 1-2% max, if price were to go against you and hit 4805.26. It really shouldn't, to conserve the uptrend speed and achieve 5710.74 on time. If we don't hit this level before December 12th, then Bitcoin might endure a correction which could be a pullback, or simply lack of activity and a slow sideways drift again, before more upside is attainable. Fundamentals would have to get in line, but for now, technicals give us comfort in long positions. Watch the linear regression channel support, watch the moving average on chart, we shouldn't see a close below them, and we should hit the target we have here on time. Also, watch the speed line on chart, which indicates the minimum required pace the uptrend has to keep to remain valid, all of these tools tell us when to expect a correction. The only thing is that which we can't know in advance what the price behavior will be after it starts, so, we'll have to react and not predict too far in the future. Long term target remains above 7000, based on weekly signals, and there's a longer term timeframe signal pointing way higher as well, so, there's no need to fear long trades, as long as we time the entry correctly, they will reward us handsomely. Good luck, Ivan Labrie. Disclosure: I hold long positions with no leverage, nor stop losses, that equate to 55% of my account value currently, all in profit, except for the last entry at break even or minor loss. I have been buying and selling dips, to book profits and allow me to keep risk free holds.
BLong
by IvanLabrie