Prothius187
Short

Continued bearish trend

HUOBI:BTCCNY   Bitcoin / Chinese Yuan
32 0 1
The larger bearish trend is still showing on all indicators even after the bullish push from last night. The drop has retraced almost to the .382 fib and has hit the previous support level at 4150 now resistance for a drive upward. It is still likely that we will retest the 4058 support given that a major support was broken last night and the larger bearish trend still showing on all time frames.
Comment: Market heading for a retest of the 4H pivots at 4058. If this cannot hold then the next stop is towards 3600. There is a psychological barrier at the round number $600, which is approximately 4000 CNY. I'm currently short from the fib retracement at $625 to capture a small profit as we head back towards 4058. If we bounce at 4058, I will close the short position, but if it breaks, then this will be a nice profit as it ranges down towards 3600. My SL is at $630, which is very tight. I'm not taking any risk from a sudden change in direction as a major support break introduces increased potential volatility.
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