ibankbitcoins

Bitcoin market update, at support 9/24/2014

HUOBI:BTCCNY   Bitcoin / Chinese Yuan
More market consolidation. On the hourly timeframe, we are bouncing between the two trendlines . The buying pressure is getting slightly higher at this juncture since we have made higher lows. However, the big downtrend suggests that this could be a bear flag . I've made a post about trading flags before if you are interested. In addition, we have retested this ascending trendline multiple times, 6 total.

Bear Flag: http://www.ibankbitcoins.com/btc/bitcoin-bull-flag-trading-pattern-recognition-and-buy-setup

My Trade: http://www.ibankbitcoins.com/btc-trade/short-bitcoin-402-stop-loss-422

I went short this morning at 403 for those who follow. I realized that the bounce might not come again since we already retested 425 area or 50% fib. I am not saying this with absolute certainty that price will fall, but here are some interesting observations. Short interest right now is close to all time high and price is at the lows. Clearly, people are comfortable shorting here. Short squeeze is a possibility that many boast on the forums. Last time market bounced pretty high was after a cascading margin call style sell-off, it was BFX followed by Bit-e. Was that a one time deal or history tends to repeat itself? I hope you all trade with caution since the tape can be so confusing to read during a consolidation period.

I am still looking for bloggers if you are interested in joining.

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
Agree. As much as I'd like to believe that bulls are in temporary control this just seems like an impossible task.
Even in the triangle, bulls couldn't hold on to the assault of bears to bounce around it.

snapshot


4H RSI/Fisher also suggest that this will be a tough fight for bulls.

snapshot


Will it break down or up? We'll see :D I am siding towards bear now.
+1 Reply
United States
United Kingdom
India
Deutschland
France
España
Italia
Polska
Türkiye
Россия
Brasil
Indonesia
Malaysia
Việt Nam
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Priority Support Contact Support Ideas Published Followers Following Private Messages Chat Sign Out