ibankbitcoins
Short

Bitcoin market update, ascending triangle:

HUOBI:BTCCNY   Bitcoin / Chinese Yuan
Over the weekend, bitcoin market was under heavy selling pressure that we haven't seen since the last bubble. We are inside a big ascending channel on the hourly. Why do I not call this a bear flag , a continuation pattern? This is because the range and volume of the channel are big; the band is over 25 points! A churning of this size suggests that market cannot settle to a fair price at this time. USD exchange traders are trying to find fair value at 300 witnessed by the stamp wall. The CNY             exchanges seems to prefer 2000CNY/325USD.

The Trade: https://twitter.com/ibankbitcoins/status/517582536709373952
I am still holding on to my short at 380 from a few days ago. As a trend following trader, I try to hold on to the short for as long as possible until trend reverses. I believe a short bounce is coming, not sure when though. I will cover at 347 area if we get there. My initial downside target was at 275. However, I didn't get to exit the first time that happened in the middle of the night. I am confident that we will retest that area because it was the all time high of the previous bubble.

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
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