Bitcoins break out to record highs!

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That looks pretty conclusive to me on 2 day chart! The previous record was sitting just under the $32 level. Check out the volume, that looks huge! So I didn’t have to wait until the 5th March after all. But I’ll take that as my prediction coming true.

I’ve sometimes wondered if there is a ‘buyer of size’ out there stepping in at the critical moments of potential weakness to ensure bitcoins price continues up, sort of like the exact inverse of what happens in gold? Could there be some powerful ‘good guys’ out there looking to topple fiat regime ?

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4 thoughts on “Bitcoins break out to record highs!

  1. If you look at the depth chart just now (mid-afternoon 2/28), there is nothing between 32 and 34. We had that run-up which took out the old high, and then trading got pretty thin.
    And then somebody took some profits and we dropped from around 34 back down to about 32. So the “price” is sort of fuzzy until some bids/offers start filling in the void between 32 and 34.

    Note how TA can actually work here … bounced off of 32, so that’s now support.

    These charts give one a good insight into what the “market fractal” actually looks like, and into the basis for some of the principles of TA.

      1. Oops it was Urban Roman on ZH and TFMR. Not that a silly nom-du-net is any sort of shield of anonymity … the Guy Fawkes mask slips just a little bit.

        Note how the bids/offers have filled in by this morning, and there is some “depth” around 34. I’m thinking of wiring some more fiat ones and zeros to MtGox.

      2. Lol I thought I had Jim Rickards commenting on my blog. Come to think of it maybe I do. Won’t be long until Peter Schiff turns up too 🙂

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