Heres another log chart, on a 3 months timescale. I’m finding I have to use a log scale more and more otherwise the vertical rise is too steep!
After breaking out past $50 the price shot up another $20 or so reaching somewhere around $70 in only a matter of days. We’re now correcting down a little bit. Maybe there will be a bounce where I’ve drawn my middle line? Where would that price be, about $60? hard to make out on a log scale.
We’re well above the old channel which you might just make out in faint grey lines on the chart. Early days but looks like there might be a steeper channel forming now which I’ve drawn in with darker lines.
From a technical viewpoint I think we’ve broken up through the top of the long term channel we were in which was where we saw resistance at $50. Might chart that again in a future blog entry. I’m not that surprised to see the rise becoming even steeper now that we are in a new long term channel.
After the shambolic bailout failure in Cyprus the cat is out the bag now. Every ordinary person can now see the EU/IMF bankers for what they really are. People might not understand QE3 and inflation and other obfuscated financial jargon, but they can easily understand 10% of their money being stolen from their bank account. With this back drop and the technical picture, I’m holding on tight to my bitcoins.