Bitcoin market update, Monday, 10-13-2014

HUOBI:BTCCNY   Bitcoin / Chinese Yuan
Market broke out of the short term consolidation, red line. Bitcoin is retesting the highs of the previous rally. A breakout above the highs and also the descending trendline is pretty bullish . I've highlighted the first target at 2420 or 395 if we do breakout. Realistically, since its so close to the round number 400, we probably will hit that.

Twitter for my trade:

I am still long from 331 from a week ago. As a trader of trend following, my system requires me to follow the trend as long as possible. I don't need to sell at the top or pick the bottom, that is not the strategy.

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
Doesn't it looks like an H&S in an H&S?
+1 Reply
Certainly does, but it looks really ugly. So I am not sure if it is accurate to call it.
Your assessment is like what I just finished concluding as well.
+1 Reply
No doubt this is bullish, but I would also note that $395 is above the medium-term downtrend, so if it reaches that, I think the uptrend will take us into the mid-400s at least.
+2 Reply
yes, I think around 400 is the first target because of the round number psychological barrier. When it gets there, I will have to re-access where the next target will be.
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