The bulls took over off a bounce from $615 range; the reaction was strong-near parabolic, either bears were panicked into selling their shorts or the bulls have begun to take more interest in pushing the price back up. This next run up will tell more. There is potential of a flag pattern forming as bears may chop off the run early to a 76.4% level around $653.
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Side note: the 615 bounce was primarily pushed but Bitfinex exchange. OKCoin and Huobi were slower to follow, but eventually did.
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Just waiting for that final pop. Could be a drop before. Bears are putting up good resistance around the prior resistance level.
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The push up was plateaued by strong resistance. Following the 1M chart, started scaled out of the long, and scaled in to a short along the plateau; this was risky but it paid off. The short setup was for a target area of a +/- 76.5% retrace. Deciding factors to short: The volume was low for bullish trend and OKCoin and Huobi were showing differing enthusiasm to go higher, one played flat while the other had more volatile spikes up and rapidly back down. Well played.
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Scaling back in for another attempt a long.
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Now have a better basis for the long. Target area is still intact. 655 is a big key level primarily because, 655 USD ~ 4300 Yuan.
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Testing prior highs. Watching for a break out over $655 for possibly higher highs. China is knocking on 4280-4300 right now. Keeping a close eye on this.
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And there you have it. Congrats to everybody who hit this run. Perfect Play.
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mooshu22
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Testing prior highs. Watching for a break out over $655 for possibly higher highs. China is knocking on 4280-4300 right now. Keeping a close eye on this.