In this chart I demonstrate how BTCCNY is correlated to equities. My previous analysis resulted in a powerful short setup which hit the target. Currently we're in a short trade, after closing out longs we had opened near the lows a couple days ago.
I anticipate more sellers coming into this pair, as well as in the stock indexes, so it's wise to be positioned on the short side for the coming weeks.
There's a deadline for price to hit my first target, which should be achieved by February 7th or earlier, as well as potential for an extended decline reaching all the way down to my second target at 1399.01.
In the short term, short sellers can book partial profits on a retest of the recent weekly low.
For more information contact me privately, I'm running a Bitcoin, Stocks and Forex trading group, as well as offering a promotion for people who opt for coaching sessions which is valid until January 31st.
Cheers,
Ivan Labrie.