ibankbitcoins

MARKET LIKELY TO RETEST PREVIOUS TRENDLINES AND RESISTANCE 9/24/

HUOBI:BTCCNY   Bitcoin / Chinese Yuan
Short-term trend is up. A 10% reversal off of a double bottom is a good indicator. Looking at the 4 hour chart, we are likely to retest previous lows and downward trendline . In addition, the double bottom that was formed also points to this area; a lot of confluence. Hence I think it is likely we are going to retest it at some point. Now, that does not mean the market won't have some volatility . The nature of bounces is that it is choppy and hard to predict. A bounce's price targets, we can use fib-retracement or previous resistance to predict, but not time duration or price action. Elliot wave theory also agree with this since the retracement waves have so many variations.

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