ascending channel

Bitcoin market update. ascending triangle 10/6/2014

Over the weekend, bitcoin market was under heavy selling pressure that we haven't seen since the last bubble. We are inside a big ascending channel on the hourly. Why do I not call this a bear flag, a continuation pattern? This is because the range and volume of the channel are big; the band is over 25 points! A churning of this size suggests that market cannot settle to a fair price at this time. USD exchange traders are trying to find fair value at 300 witnessed by the stamp wall. The CNY exchanges seems to prefer 2000CNY/325USD.