Bitcoin bounce to test resistance at 2340 (up to 2595)

OKCOIN:BTCCNY   Bitcoin / Chinese Yuan
616 6 9
The Bitcoin price consolidated on the blue support line (see chart below) and appears to re-test the highs of the early November rally. I see a maximum retest at 2595 (see chart below)

Long entry: 2100
Stop loss: 2045
First target: 2340
Second target: 2595

P:S: Right before I posted the chart, the current candle was also trending up (green). Just imagine a green color not a blue color there :)

Blue support line and highest resistance:
The Bitcoin rally appears to be over - at least for now

Here is the chart just with the first target and monthly support and resistance prices, as well as the monthly pivot (green):
Comment: Instead of a slow rise until next week to my long target at 2340 CNY the market spiked up in just 12 hours even higher to 2375 CNY. I closed half of my long positions.

My second long target remains at 2595 CNY, but since this rally was way too fast I currently doubt that the market will reach it.

Comment: The trend changed as expected (red arrow on the main chart above) back into a correction. This could be the start of a larger downtrend:

the usual pump n dump but accelerated so the market maker can cash out the profit tonight on settlement and buy himself some fancy stuff for thanksgiving tomorrow. right i think 2080-2120cny as the lowest we will go. we will test the support and crawl back up and pump next week or so to 2600cny roughly
ChartArt BitcoinGuru
It looked like a quick dead cat bounce in the beginning, but it can turn into a long-term move, On Saturday/Sunday the direction is more clear.
BitcoinGuru ChartArt
yeh missed it was too quick for me, waiting still in fiat :(
ChartArt BitcoinGuru
2 days later. It's early Sunday and the price still hasn't gone up higher. Next 48 hours are critical ^^
+1 Reply
BitcoinGuru ChartArt
yeh 4H is gonna come down soon. were in sideways chop for now until this resolves up imo
good update - yeh bears are still in control at this point. 2190cny would be 331-228 finex for the bounce to occur.
At this point a visit to $300 or even 275 is not to be ignored.
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