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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