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bear flag

Short term bear flag on the hourly?

It looks like a bear flag on the hourly, market consolidates after the recent drop coupled with lower than average volume. For bull, they need to keep prices above the supporting trendline.

Bitcoin market update, at support 9/24/2014

More market consolidation. On the hourly timeframe, we are bouncing between the two trendlines. The buying pressure is getting slightly higher at this juncture since we have made higher lows. However, the big downtrend suggests that this could be a bear flag. I've made a post about trading flags before if you are interested. In addition, we have retested this ascending trendline multiple times, 6 total.

Short bitcoin at 402, Stop loss at 422

Symbol
Short BTC
Last
-
Entry
402
Size
100%
Exit
430
P/L
7%

  *check out the bitcoin trading guide and reference for what they mean

Entry Update: 

Market is consolidating at 400 USD, any attempt of a bounce was sold off pretty fast in the last three days. I was very short term bullish, intermediate term bearish. Will be shorting at these levels. In addition, the chart pattern looks like a flag/penant formation at the lows.

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.

Bitcoin market update 9-02-2014; bear flag

Bitcoin prices for the last 2 days have been constrained within a bear flag. If you are not familiar with the flag formation, check out the flag guide. At this point, there is nothing to do but wait for the next breakout. As you know, bear flag is a continuation pattern, kind of like a pause in the market before continuing the trend. Target is 440 on the usd or 2800cny, the previous low.

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