Just a short post today, have drawn my channel onto this 2 month log chart. Despite how dramatic the price has climbed, up to about $90 the price is still within the channel I’ve been drawing recently. We’ve tested the bottom, when the price fell off a cliff a few days ago and many people in the bitcoin forums gleefully announced a ‘crash’. Now it looks like we’ll probably meet resistance at the top of the channel.
If the price drops we may find support at $75 ish where the middle of the channel is or somewhere just above $60 if we fall to the bottom of the channel. Perhaps we’ll just flatten out at $90 for a few days.
My gut tells me that we aren’t near a top yet. With the ongoing situation in the Eurozone and threat of bank runs in Cyprus, contagion spreading to other southern Euro nations the fundamentals for bitcoin are extraordinarily strong just now.Bitcoins is the only safe haven I see of any note that isn’t manipulated. Can you believe silver and gold haven’t risen in this environment???
The cypriot banks are going to open tomorrow for about 6 hours. With capital controls. Why is that needed if a bailout deal has been reached? The genie is out the bottle. People have seen with their own eyes that the ‘powers that be’ can reach in and grab your money whenever they want, hang the law, it can be changed. Now they are trying to jam that genie back in the bottle which is futile.