Bitcoin market analysis, testing next support. 10-29-2014

HUOBI:BTCCNY   Bitcoin / Chinese Yuan
Market broke down from the bear flag yesterday. Currently, it is selling off. I believe we won't be stopping here because there is no prior support at this area. I've highlighted where the market will go. This is in my opinion a strong support area which also coincide with the 2000 CNY             round number. I expect a bounce here, but I wouldn't trade it with such a strong down trend. In fact, I believe we will likely breach 2000CNY and go lower, but retest 2000 on a subsequent bounce.

I cut my long yesterday at 350 with a small profit and went short at 348. I was getting increasingly impatient about retesting 355 and not able to climb higher. When we dropped below 350, market was sliding fast with really choppy movement.

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
Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out