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
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