ibankbitcoins

Bitcoin weekend update; Breakout of flag 9/5/2014

HUOBI:BTCCNY   Bitcoin / Chinese Yuan
Market rallied and broke out from the rectangle. The measured move, or 100% of the price range of the flag/penant is the target drawn in the rectangle. Its pretty accurate huh! My guide on flag trading: http://ibankbitcoins.com/btc/bitcoin-bull-flag-trading-pattern-recognition-and-buy-setup

Short term is up, no doubt about it. The long 1 hr             green bar speaks for itself. Longer term market conditions says the price is in a vacuum right now, In other words, price should move to a more stable area. In this case, 3100 (500usd) or 2900(475usd) have been past consolidation areas.

Daily chart:
http://ibankbitcoins.com/sites/default/files/users/user1/2014-09-5_chart2.png

On the daily chart , it looks like we are just chopping around with large volatility. Bitcoin prices will trade within the the triangle until a big breakout happens. That is the opportunity to trade again. I am still hold short because the trend is down. However, unlike my past conviction about this downtrend, I am now doubtful of how the market will react. If market makes new high above recent high, I will cover.

Also, I am looking for other technical analyst experts to fill the ranks on my blog, PM me if you are interested to share your ideas and get free views.

I do daily bitcoin market updates. Follow me on my bitcoin trading blog or live trades on twitter: ibankbitcoins.com @ibankbitcoins
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out