ibankbitcoins
Short

Bitcoin market update, bear flag 10-3-2014

HUOBI:BTCCNY   Bitcoin / Chinese Yuan
Market is forming a bear flag at the lows after yesterday's drop. How do you know that this is a flag? Read this bull flag post I wrote.

http://www.ibankbitcoins.com/btc/bitcoin-bull-flag-trading-pattern-recognition-and-buy-setup

To summarize:

1. Prices overlaps between high and lows.
2. Volatility and volume drops .

Take a look on the hourly, we are at the lows. For the bulls, this could be a double bottom . Generally speaking, if it is a double bottom , then retesting the low the second time works best if it is "light"; a quick retest of lows and bounce.

Short twitter:
https://twitter.com/ibankbitcoins/status/517582536709373952

I shorted at 380 yesterday with a stop of 380 at break even. I moved my stop from 393 to break even to make it a risk less trade. I personally have no idea which way price will go, I'll let the market decide. On one hand, we are in a strong downtrend. On the other, we are oversold and at support from early 2014.

I do live trades and bitcoin market analysis daily. Follow me on my bitcoin trading blog and twitter: ibankbitcoins.com, www.twitter.com/ibankbitcoins

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