Touching distance of 2011 high

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Latest 10 day chart in bitcoins, shows the old 2011 high within touching distance.

Previously I’ve alluded to the old 2011 high being in the region of $31 to $31.5, well I decided I’d better check and actually look it up.. and it seems agreed the actual figure is $31.9 so my goalpost has actually moved on me! Anyway I’ll go with that, $31.9 it is, which I’ve marked in red on the chart.

As I hoped, bitcoins have broken back up into the top half of the channel. This looks very bullish for new highs very soon. It could be that there will be stout resistance at that level but hopefully if we can use the mid-trendline as support we should push through past $32 within a couple of days. Perhaps longer if the mid-trendline is breached again, however in that case there is strong support down around $29.5 around the bottom of the channel.

 

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