Bitcoin market update; consolidation 10-27-2014

HUOBI:BTCCNY   Bitcoin / Chinese Yuan
Market is currently very choppy with low volumes. We are at pretty strong support at 2120CNY/340USD. This is also the level that rallied higher after repeated pullbacks from the last major bottom. Many asked me why I bought at 340 instead of say 350 or 330 a few days ago.

Twitter at 340: https://twitter.com/ibankbitcoins/status/525961927642865664

Now, it is entirely possible we are inside of a bear flag waiting to go lower. In that case, I am wrong and getting out; a signal below 335 is a sell in my opinion.

As for my position, I am 60% long at 340, 40% long at 350 for an average of 344. I think this is a strong support area . Unlike the past where we just slide and slide, bulls proved to me that it can go higher.

I do live trades and bitcoin market analysis daily. Follow me on my bitcoin trading blog and twitter: ibankbitcoins.com, http://www.twitter.com/ibankbitcoins
Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Forex Signal Finder 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 Account and Billing Sign Out