A slow moving average shows that the all-time Bitcoin uptrend broke this year. If this turns out to be true the next long-term support is at 400-500 CNY, which is the bottom price area oft the year 2013. The RSI trend also shows that the price was not able to make a new higher high compared to 2014 and stayed below the red line at value of 60-61 (peak of 2016 so far was a RSI value of 58.5)
If the downtrend lasts again 14 months it would end in Q1 of 2017. In case the price stays above 2500 CNY and breaks out way beyond 2650 CNY the uptrend could go on much longer and much higher than the highest price of 2016 so far.
Short entry: 2550 CNY
Stop loss: 2650 CNY
1. Target: 1000 CNY
2. Target: 500 CNY
Here is a screenshot:
P.S. The moving average only starts to appear in July 2013, because the calculation period is so long.
If the downtrend lasts again 14 months it would end in Q1 of 2017. In case the price stays above 2500 CNY and breaks out way beyond 2650 CNY the uptrend could go on much longer and much higher than the highest price of 2016 so far.
Short entry: 2550 CNY
Stop loss: 2650 CNY
1. Target: 1000 CNY
2. Target: 500 CNY
Here is a screenshot:
P.S. The moving average only starts to appear in July 2013, because the calculation period is so long.
