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Bitcoin market update, bear flag/pullback. Monday 9-21-2014

Bitcoin market price has been very choppy this weekend. There is no trend, no predictable price movement except for the fact that price tends to get stuck at 400USD/2450CNY. Looking at the 4 hour chart, we are inside of a consolidation/bear flag like pattern. If we do bounce from here, that the arrow is the likely target. Notice the last bounce touched the 50% retracement. So I would say that Fib retracement for this down movement is pretty good. In addition, this is the area that is the upperband of a rising channel.