Bitcoin market update; hourly. Monday 9/8/2014

HUOBI:BTCCNY   Bitcoin / Chinese Yuan
Hope everyone had a good weekend. Bitcoin             prices on the other hand have completely retraced the big green bar on the hourly from two days ago. This is bearish because market rejected 3000CNY/490USD level; market didn't even bounce that much. Now, all the people who bought btc             up to 497 are all wrong.

At this juncture, we are going to retest 2900CNY/467USD. Will the second time retesting this area hold? I do not know. If recent market choppiness is any indicator, we should bounce in the short term.

Longer term charts suggests that if we do break previous low or support, 2800CNY/460USD, we will be going much lower. The move won't be choppy, it will be decisive.

Edit1: New target 455

I do daily bitcoin             market updates. Follow me on my bitcoin             trading blog or live trades on twitter: ibankbitcoins.com @ibankbitcoins
terrible time to buy, 450 is next if not lower
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