support and resistance

Bitcoin price bounced off major support, where to?

Look at the chart, a break above the descending trendline is a very bullish move.

 I am slightly bullish here. I saw those sell orders being sold on bitfinex, it is a bit choppy and not decisive. The support is solid and we bounced off major support. The USD exchanges retested the lows but RMB showing strength here.

Support at 2000 CNY, strong bounce!

Interesting movement in the market, we now know people expected a bounce at 2000, price proved it to me. Price  jumped by almost 100 CNY from the lows, traders who expected a bounce at 2000 already bought. We will be able to see if this selling is the next move down or a technical move to sweep stops and fuck with us.

 

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.

Do you believe in technical analysis? Here are some bitcoin evidence

I believe that there is a trend and momentum for everything that revolves around us. Technical analysis captures the essence of that in the stock/bitcoin market. I understand some are skeptical about technical analysis for trading especially some hard to understand TA stuff like Elliott wave, Gann's theory and Fib numbers.

Bitcoin market update, Monday, 9/8/2014

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.

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