Market under pressure, bear flagging at the 15min Thursday 10-23-2014
Market is clearly down now, lots of fear in the market. People are gunning for the exit. The liquidity providers now are the short covering from those who shorted at higher price. We are at the lows of the last major support after the 10k huobi wall was broken. I posted earlier that it looked like this when the wall broke.
From the 15min, we are in a bear flag. I expect the market to push down further to about $355/2170cny; the next major support. There is no support at this level, market is waiting for the next move.
I am still short from 381, holding tight. Do I know how far this downtrend will go? nope, not at all. Just going to ride it down until it reverses on me. I do live trades on twitter and reddit, so follow me there.