bwy
Long

Uptrend Force Makes Breakout Likely

OKCOIN:BTCCNY   Bitcoin / Chinese Yuan
Bitcoin             has smashed back into the new "downtrend line" from ATH             . This 3 day uptrend is a solid trend continuation of the previous 3 day uptrend after a nice correction down to the $360 area. At this point the uptrend has serious momentum just starting. ADX has turned up, CCI is just above 100, and MACD histogram is accelerating into positive territory while the MACD line is trending up from the 0 line.

Basically we've hit this "downtrend line" with such force that it's likely to break. If you're long I would hold as long as you can to see if this breaks. If you're not in a position I would wait for the break to happen before going long. If you're short: stop shorting uptrends :D

Keep in mind this 3D chart can have some volatility on the lower timeframes, so I would make sure the uptrend is clearly over before going short if this "downtrend line" proves to have any worth.
Warning: I'm seeing some signs this trend might not be the one to hang onto. We're back up against the downtrend line again ($440 at the time of writing) and it might be wise to step out and wait for it to break. The pullback down to $410 was much deeper than expected, which gives a slight warning sign. Also volatility seems to be rather high - higher than I would consider for a strong trend. My concern is we could still have some more ranging left to do before finding a real solid trend.
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