After a fast and furious price advance in Q4 2015 the weekly RSI now looks like a double top and therefore the only direction for the BTC price is back down to test the deep buy support (which could be around 1900-2100 CNY).
Short entry: 2750 CNY (not everyone was able to sell during Christmas 2015 ...)
Stop loss: 2800 CNY
Target: 2050 CNY
P.S. If the price falls and stays below the SMA 200 this would confirm my bearish "Untangle the Bitcoin angle" scenario.
Short entry: 2750 CNY (not everyone was able to sell during Christmas 2015 ...)
Stop loss: 2800 CNY
Target: 2050 CNY
P.S. If the price falls and stays below the SMA 200 this would confirm my bearish "Untangle the Bitcoin angle" scenario.
