Treading water

Not that much to report really as far as technical analysis goes, haven’t drawn up a new chart for this post but basically we are still within the channel I drew in my last post with the price moving sideways. We could be here for a little while yet but as I’ve said I expect a breakout upwards before the end of March and am still very much in bullish mode.

I’ve created a poll in the bitcoin forums which you can vote on if you wish by clicking here.¬†¬† When will price break $50 ?

I’ve learned some interesting facts about whats being called a ‘flash crash’ we saw recently. If I understand correctly this is when the second spike down recently hit the bottom of my channel in the previous chart. Apparently the bitcoin block chain split in two for a period of several hours. This was caused by some mining software using an older version of the software choosing to mine a different fork. Eventually the secondary fork was discarded and the software reached a consensus about which was the correct fork. There are reports of double spends happening for the first time. I’m not really sure what to make of that but as far as I’m concerned¬† bitcoin has really just proved its robustness again.

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