BTCCNY's correction appears to have ended, at least for now. We need to determine if it'll hold here, or break lower before finally resuming the long term advance. I'll monitor price action to manage my position size accordingly. I'm currently long, after trimming down to 20% exposure before the PBOC news fueled 37% decline, and added 60% gradually, over 3 days.
Keep an eye on RgMov and volume and ATR here, for now, things are quiet, but this won't last. I expect to see a retest of 7498.90 in the short term, but what happens after that is yet to be seen, so, I'll look to reduce my long exposure back to 20% once we hit this target, or at least place a trailing stop loss, to reduce risk on part of my position. Remember to always hold 15-30% that you never sell, spot, no leverage, and no stop loss.
@Pato99, the weekly has a range expansion decline, I used the daily signals aggressively, but maybe we need to wait for the weekly to signal a bottom, which would take 2 more weeks after this week's close. If we see a smaller range this week, compared to the previous one, that's a start.
IvanLabrie
⋅
Btw, nothing really changed, just that it won't bottom right away. I don't think it'll go much lower, if any lower. Just that it will chop and frustrate everyone, for a couple weeks.
@N-rG, 5100 CNY. well... 1,5 months of uptrend ruined. this fudding is so sad
N-rG
⋅
@Pato99, what fudding are you talking about? That new with chinese central bank? If that news is valid, i think people just misinterpreted them. Because in my eyes it is actually not bad that the chinese try to stop manipulation. But yes, it still hurts to see BTC suffering. As long we dont hit below 720 it is okay, but everything below would destroy BTC repuation as a long term investment.
IvanLabrie
⋅
@N-rG, I think it's actually bullish in the end, if they can reduce volatility, and regulate these nasty exchanges like okcoin, huobi. They are 100% manipulating price, margin calling people, offering 10-20x leverage on an instrument with such volatility is already a death trap.
IvanLabrie
⋅
@Pato99, why ruined? Just a new monthly low. Not a huge deal.
We have tagged the yearly pivot btw:
I think it'll gradually bottom and base around here. It can take a while, I assume after the Chinese new year (this is dirty bs and manipulation 100%, aided by the PBOC in panic)
Pato99
⋅
@IvanLabrie, yes this is manipulation at its best but this is terrible for BTC reputation. I´m really pissed about that. They artifically decrase market cap without much capital. I hope chinese gov fucks those thugs @ OKC
IvanLabrie
⋅
@Pato99, indeed, they are no better than crack salesman...which is what offering 20x trading in BTC is, catering to gamblers.