Pullback from recent Bitcoin rallies using technical analysis

HUOBI:BTCCNY   Bitcoin / Chinese Yuan
I wrote a bitcoin article regarding why there is a strong tendency for market to behave a certain way. This was few days ago and we were at the height of the third push higher to 2480. I marked the pullback level at the time like in the charts.

Recent bitcoin article:

Each wave of selling, red boxes, are approximately equal. Each rally was also equal. This suggest that the momentum of the rally is linear. What I pay attention at this point is if we pullback more than the magnitude of the redbox. That would suggest a change in trend. Let see how this one plays out.

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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