I’ve plotted some lines on the 2 month chart and have to say it looks like another steeper upwards trend is in the process of forming. There was a very brief spike down which stopped right on the bottom of the old channel. Since then the price has started climbing upwards once again.
As I’ve mentioned previously I was hoping to wait for a retracement back down to the $30’s so I could buy some more bitcoins relatively cheaply but now I’m beginning to doubt we are going to get the chance to buy bitcoins at those levels. The way bitcoins bounced back after that price drop and are now continuing to climb higher all seems extraordinarily bullish to me at this moment.
Heres how that new trend line looks on the 10 day chart. If we continue up the trend at this rate, there’ll be another test of resistance at $50 quite soon, within the next few days. If we get through that, and I think theres a good chance we will, then really it looks like a blow off top might be on the cards. How high could that go? $75 ? $100?? 500???