BTCCNY Analysis 12/12/13 - What the Chinese might be looking at.
I found this interesting pattern while playing around with trend lines.
I've chosen neutral on this analysis because of conflicting observations.
Although the pattern looks great, the order book currently shows more offers than bids, in particular from prices 5600 upwards.
At the end of the 3rd wave (the end of the 3rd arrow) on the 26th of November, at that time the bias was probably long due to the ongoing rise of the Bitcoin value, hence pushing the value further upwards during the 4th wave.
However this time around there is more of a bearish sentiment on the order book which likely may impede the value from rising further.
ETA end of 3rd wave 9am - 10am EST.
I've chosen neutral on this analysis because of conflicting observations.
Although the pattern looks great, the order book currently shows more offers than bids, in particular from prices 5600 upwards.
At the end of the 3rd wave (the end of the 3rd arrow) on the 26th of November, at that time the bias was probably long due to the ongoing rise of the Bitcoin value, hence pushing the value further upwards during the 4th wave.
However this time around there is more of a bearish sentiment on the order book which likely may impede the value from rising further.
ETA end of 3rd wave 9am - 10am EST.
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