Entry: long either as low as possible, or with more certainty during the breakout of the 3350 "CNY" resistance
Target: 4444 "CNY" / 675 "USD" / 600 "EUR"
Stop loss: 2600 "CNY" / 400 "USD" / 350 "EUR"
Learn more about the halvening of the Bitcoin blockchain technology here:
P.S. The halvening is about to happen on June 10, 2016 (not June 4: Tradingview screwed up my chart when I changed to weekly from daily before publishing).
I recommend to take some profit at the highs of this range. Such fast rallies as we just had tend to have equally fast sudden drops in price.
"The Halvening" happened today. So far nothing has changed regarding my sell recommendation I gave a month ago in the price area between 4050 CNY and 4900 CNY. The Bitcoin price dropped sharply lower today right before the block reward for mining was reduced by half. This happened after the price already fell a lot from the peak which occurred three weeks ago.
Currently BTC is traded at around 4300 "CNY" / 640 "USD" / 585 "EUR"
A second screenshot from today. The blue 0.618 Fibonacci retracement above 4000 CNY still acts as support (bullish), but if the price breaks below this price area it would increase the bearish potential so much that I will spend some time creating a new chart with a new outlook. Until then I remain with my vague sell recommendation between 4050 CNY and 4900 CNY.
There is a growing chance that the Bitcoin prices has completed the very choppy trading range of the last weeks and could now move higher towards psychological price areas 5000 CNY / 750 USD.
Since my last update 4 days ago the Bitcoin price has changed a lot back to a bear trend. The bullish outlook I mentioned on July 18 seems to have been only distribution from a minority of bulls to a majority of bears who got out right there 4 days ago. Overall the BTC price is still very choppy and in a tight squeeze. Wherever the price will move it is going to be a big move. I'm now on the bear side again: