After a long decline.

HUOBI:BTCCNY   Bitcoin / Chinese Yuan
190 2 5
It appears to me that a long decline has finished, and a rally seems on the horizon.

The double-bottoms pattern is highly likley to transpire,
It looks almost certain that the market needs consoildation awhile, with RSI on an overbought condition.

On a daily chart , the price has attempted to break through, but pummeled by, 20MA. A similar situation, I think, is the previous lowest, although that was more close to a head-shoulder-head pattern, where the price had been confronted by 20MA with a little consoildation for 2 days, and bounced off.

The price seems determined to reach either 0.382 Fib, or 0.618Fib.

Hitting at 0.618 FIb looks preferable as they are going to form an ideal double-bottoms pattern.
I am going to watch closely where the price is going to stop with the alarms set both at 0.382 and at 0.618, and set a limit order at 0.618 Fib.

What is interesting is that the status quo appears to be going to resemble the previous lowest on a daily chart , as mentioned above.

Although I cannot bar the possibility that the price goes below, suggesting a further decline, it is just unlikely, and therefore is accpetable to be ruled out

And we almost have a bullish breakout based on your chart, just one more candle missing to confirm the uptrend:

FluidicFX ChartArt
And now the breakout is done and delivered. Nice work!
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