Prothius187
Short

Bearish trend likely to continue on BTC

HUOBI:BTCCNY   Bitcoin / Chinese Yuan
The previous day's minor bullish move has given way to the bearish market forces. Price has dropped onto the 4300 support as predicted and bounced to the top of support at 4330 after the previous descending triangle finished where price played between the CM_Pivots price and minor support at 4370. Bearish conditions will continue and if support breaks at 4300, expect price to range down to 4150-4200 level. I don't think that this final support will break, but if it does there isn't any remaining strong support and it is likely price would drop to 3350-3685 CNY             ($500-$550 USD). Because bearish conditions are due to persist for at least a few days, hold off on any new positions until the trend becomes more clear. If price drops to 4150-4200 levels, this is a good potential long entry point once a reversal is confirmed.

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