ibankbitcoins

Bitcoin market down 8 out of 9 days in a row, bounce?

HUOBI:BTCCNY   Bitcoin / Chinese Yuan
I don't draw many trendlines , I think we will are due for a bounce. Just a bounce, not a trend reversal. I think 1440 is a reasonable target in the next few days. Again, the trend is down. Remember I did an analysis where BTC market was up 5 days in a row? What happened was a short pullback before continuing to climb to 300, 15% gain. This downtrend printed 5 consecutive red days, I have not done the backtest yet, but strong momentum downwards don't reverse that easily.

http://ibankbitcoins.com/btc/what-happens-when-bitcoin-five-consecutive-days-row

http://ibankbitcoins.com/btc/bitcoin-market-down-8-out-9-days-row-how-far-will-we-bounce

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