Looks like price is happy to hover around $90 just now. First we had my predicted drop to $75 then a sideways move for a few days at $90. I didn’t think 2 predictions would happen one after the other though!
Not that much to write about really but I’ve drawn up my channel on another chart, this one is a one month log chart using Mt Gox data as usual.
Looks like we’re just back to treading water, sitting happily in the middle of the upper half of the channel. With no real reason to go up or down, a bit of a stalemate between bulls and bears you could say.
You might have noticed I’ve drawn the old resistance level at $50, that was only less than 2 weeks ago, and here we are almost doubled since then! There is a reason I’ve drawn it in, which is I’m wondering if we might see something a little bit similar before breaking up through $100.
From a technical standpoint I don’t think theres much reason to have resistance at $100 like there was at $50 with the top of a long term channel, but people do like round numbers and there could be a lot of people who’ve decided to sell and lock in their profits around there. I don’t really expect we’ll be stuck at $90 for that long this time though. Onwards and upwards soon enough.