Bitcoin market analysis, testing next support. Wednesday 10-29-2014
Market broke down from the bear flag yesterday. Currently, it is selling off. I believe we won't be stopping here because there is no prior support at this area. I've highlighted where the market will go. This is in my opinion a strong support area which also coincide with the 2000 CNY round number. I expect a bounce here, but I wouldn't trade it with such a strong down trend. In fact, I believe we will likely breach 2000CNY and go lower, but retest 2000 on a subsequent bounce.
I cut my long yesterday at 350 with a small profit and went short at 348. I was getting increasingly impatient about retesting 355 and not able to climb higher. When we dropped below 350, market was sliding fast with really choppy movement.
Some people accused me of advertising on reddit with the occasional twitter links as trade confirmation or chart links from my blog, probably cut back for a while.