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Long

Cloud Predicting Bull Trend to Confirm Around 3/11/15

OKCOIN:BTCCNY   Bitcoin / Chinese Yuan
137 0 6
We are approaching thin cloud resistance (not a kumo twist however) on or around 3/11/15 based on the 2D OKCoin chart. Likely levels of support and resistance are shown based on cloud levels and fibs. Based on confluence of the cloud levels (which are essentially fibs in and of themselves) and fibs, 2200 - 2280 yuan or $354.35 - 367.23 usd would be my most likely bull target.

If price fails to break through the cloud here we may continue sideways for sometime until a new low level of cloud resistance presents itself for break up potential. Failure to break the cloud may be more likely than a break because a kumo twist is not present on 3/11/15. In my opinion, the 2D cloud chart does not give any indication of an absolute floor for price either.
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