OKCOIN:BTCCNY   Bitcoin / Chinese Yuan
As of today, we can clearly see a bear flag forming on the daily. This is bearish and a continuation pattern. Take a look at the bear flag pattern, also check out the bull flag trading pattern which is better explained. As a trend following trader, I am short and I will continue to follow the trend religiously. I do not know if bears have enough selling pressure to push to new lows below 210. For the bull case, there are a lot of shorts on BFXdata. Some are expecting a bounce to higher levels before resuming the trend. In addition, 215 or so is pretty strong support for bitcoin             , it has bounced multiple times on strong volume .

If you don't know what I mean by following the trend religiously. Please read the followign excerpt by Jesse Livermore if you havn't already.

I do live trades and bitcoin             market analysis daily. Follow me on my bitcoin             trading blog and twitter: ibankbitcoins.com, http://www.twitter.com/ibankbitcoins
I'm also very bearish since this idiotic rally in early May, where the market was never before so close to breaking the downtrend and then missed it by only 1-2 days still staying above 1500 CNY. So basically the market deserves no better than going down to $1, but we are at two bottoms. At the four year bottom and 90% at a multi-week bottom. So I think up is more likely, because there is less resistance now that many bagholders have sold below 1400 CNY.
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