Hope everyone had a good weekend. Bitcoin prices on the other hand have completely retraced the big green bar on the hourly from two days ago. This is bearish because market rejected 3000CNY/490USD level; market didn't even bounce that much. Now, all the people who bought btc up to 497 are all wrong.
At this juncture, we are going to retest 2900CNY/467USD. Will the second time retesting this area hold? I do not know. If recent market choppiness is any indicator, we should bounce in the short term.
Longer term charts suggests that if we do break previous low or support, 2800CNY/460USD, we will be going much lower. The move won't be choppy, it will be decisive.
Edit1: New target 455
I do daily bitcoin market updates. Follow me on my bitcoin trading blog or live trades on twitter: ibankbitcoins.com @ibankbitcoins
At this juncture, we are going to retest 2900CNY/467USD. Will the second time retesting this area hold? I do not know. If recent market choppiness is any indicator, we should bounce in the short term.
Longer term charts suggests that if we do break previous low or support, 2800CNY/460USD, we will be going much lower. The move won't be choppy, it will be decisive.
Edit1: New target 455
I do daily bitcoin market updates. Follow me on my bitcoin trading blog or live trades on twitter: ibankbitcoins.com @ibankbitcoins
