A new leaf for Bitcoin? Breakout above decending trendline

OKCOIN:BTCCNY   Bitcoin / Chinese Yuan
Bitcoin price has been climbing for 5 days including 2 over the weekend. Bitcoin movement tend to stall over the weekend and any real movement is pretty rare. As you can see, we are hitting the descending trendlines .

I want to bring attention of what happens when the market is up 5 consecutive days in a row. I've covered a while back on bitcoin price backtest when market gets incredibly bullish .


Criteria for backtest:

When market is up 5 consecutive days in a row.

Measure the performance of the next X (1-5) days.

To summerize the results, the market will likely pullback or consolidate in the first 1-3 days, but makes a push higher after selling pressure decreases from profit taking; probability of success is 63% by day 5.

I do live trades and bitcoin market analysis daily. Follow me on my bitcoin trading blog and twitter: ibankbitcoins.com, www.twitter.com/ibankbitcoins
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