ibankbitcoins

Bitcoin market update, consolidated channel

HUOBI:BTCCNY   Bitcoin / Chinese Yuan
Bitcoin             Market Update:

Nothing much has changed since 2 days ago, we are range bound between 520-495. While that is a big range, the volatility from recent bear trend hasn't decreased. Overall volume is still above average, but lower from recent move.

Since we are consolidating now, we can assume that traders have accepted this price level; they deem this level as "fair market value" for the time being. If not, we would have a reversal or further sell-off. While I cannot predict when or which direction is next move, the likely hood of it going down is higher since we are in a bear trend.

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I think we already broke it.
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I think we already broke it.
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Can you elaborate on "broke it" You are refering to the dotted teal line?
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MoonTrader ibankbitcoins
yes
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is there any reason why you moved the upper blue line from your previous analysis? base on that one, we break from downtrend!
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While it is true that my previous trendline is inaccurate, the fact is that we are drafting higher, not breaking out higher. The difference is the sharpness of the movement and volume. We are drifting higher accompanied by little volume. This suggest we are still in a consolidation and not a breakout.
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Avatarhash ibankbitcoins
I agree that the volume doesnt support the break out. I think we will see in next 24 hours where is the market heading. if it goes above 34.5 I think we are going to see 39 in next few days, otherwise it goes to 29
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What you describe is accurate and exactly how I think would plan out.
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