Breakout coming?

Just been drawing some lines on my 10 day chart and thought I might as well share.

Image

As you can see I’m still looking at new slightly steeper upward sloping trend lines. which I’ve drawn in my latest version here along with a few parallels.

Although I’ve been saying for quite a while there would be resistance at $50. In reality it seems the real level is just under $50, somewhere between $48 and $49. But anyway $50 is a good approximation for my purposes.

There has been the first test of the $50 level when the price went parabolic on March the 6th. The price fell, then rebounded strongly and seemed to find this new trend line pushing up to test the resistance level a second time on the 12th, after which the price has again fallen and rebounded strongly. So here we are poised for third test of this resistance any time in the next day of two. Will it be a similar story again? Will we touch resistance and then fall to $40 or somewhere in that region?If that happens will we get a strong rebound again?

Disclosure, I’ve been a purchaser of bitcoins at this price because I’m starting to think we may smash through the resistance up to $52, and then continue a new march up to continued new highs. I realise it is a little risky, perhaps price has found a short term peak, the $50 price does mark the top of a very long term channel which is the reason I predicted resistance here in the first place. However my own feeling just now is that this run is not over yet and we may break past this resistance.

 

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