BTC seems to me to need consolidation.

HUOBI:BTCCNY   Bitcoin / Chinese Yuan
56 0 3
It appears that BTC             is on the consolidation. The fact that price has surged too much in too short a time, I think, gives a reason to expect a small decline.

An AB=CD pattern seems legitimate, and going to militate on the price action.

I think the price would end up at 2153 yuans, where I believe it may bounce.

It is nonetheless essential to note that should the price go above a potential reversal zone, the AB=CD pattern will be negated, and thus foreshadows another strong rally.

I have shorted at 2274 yuans, and am waiting for 2153.

Thank you for reading.
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