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.

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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
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.
Your assessment is like what I just finished concluding as well.
+1 Reply
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.
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