BTCCNY: Anatomy of a correction

BTCCHINA:BTCCNY   Bitcoin / Yuan China
I think we have completed the correction in Bitcoin here, with the recent fundamental events potentially serving as catalysts for continuation of the long term advance here. With lower volatility , manipulation, and perceived risks for investors seeking to get involved with Bitcoin , to a more favorable prospect for adoption, there will probably be higher prices and long term growth in this market.

It's interesting to note each time we get a major correction, specially during an uptrend, we can observe this shakeout pattern, where sellers get trapped after selling near the lows, after the market rapidly pulls back above the mid point of the range expansion bar's range.
I have labeled these levels on both monthly and some recent daily range expansion bars.

I'm long as you know, and recently added positions during this correction. At the moment, my crypto account is 80% BTC and 20% ETH, and I'm looking to capture the upside in both throughout the year. I might reduce some exposure to BTC though, depending on how prices evolve from here onward.


Ivan Labrie.
Komen: Sellers trapped!

Hey Ivan, hope you are doing well my friend.

Are we trapped inside this triangle till the 13th of March ?

Take care that we will have high volatility due the COIN ETF decision on the 11th of March :)

Thank you my dear brother, masterpiece as usual ;)
+1 Balas
IvanLabrie AhmedAlif8
@AhmedAlif8, possibly, I'll patiently wait...if we don't see any lower lows, we're mega safe in our positions.

I have some leveraged longs on top of my longer term trades, which I'll look to close against resistance first, to not deal with margin funding costs.
+1 Balas
AhmedAlif8 IvanLabrie
@IvanLabrie, Perfect, waiting for your reply on the other chart which you've updated today please :)
+1 Balas
IvanLabrie AhmedAlif8
@AhmedAlif8, which? Did I miss a question?
+1 Balas
AhmedAlif8 IvanLabrie
@IvanLabrie, Sorry brother, I thought I've posted it, I've posted it now :)
+1 Balas
Well crafted. Let’s hope so. I bailed out right before the decent commenced. Your prediction combined with Tim’s saved my rear end. Thanks. I am jumping on the rebound wagon in smaller positions at a time.
When I have ample time to devote, I will take you on your offer. It may not happen in the near future, however, consider it I’m sold.
+1 Balas
@Tahawe, glad to hear you managed to prevent loss. It's ok to start buying here I think, it will be clearer after the Chinese New Year I think, which is when the weekly might flash a buy signal.
@IvanLabrie excellent work like always!
+1 Balas
IvanLabrie AndresThomasShirakawa
@AndresThomasShirakawa, thanks!

Good luck!
Your 80% BTC will do good but 20% eth will get you rekt.
+1 Balas
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