ibankbitcoins

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, www.twitter.com/ibankbitcoins
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