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:

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
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