Channel breached

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This channel which has held since about $50 has been breached to the upside. Hard to imagine that this current push even higher upwards can be sustained without a pullback soon. (edit) In fact since I started writing this post earlier I see that there is a pullback in progress now. Will the top of the channel now be resistance? Hard to guess how this change of behaviour will play out. Perhaps we’ll fall back into the channel. Might be a time to lock in a few profits if you feel like selling some bitcoins.

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5 thoughts on “Channel breached

  1. Sold a couple. DCA of remaining stash is $34/BTC.

    May buy more if it drops to < 100, or may just take my tokens and go home..

  2. Both bitcoincharts.com and mtgox.com are down for maintenance at this time. While btc-e.com is still up (showing 4189 Rubles/BTC) …

    Could this event mark a top? I think it could. Looks like it’s time to collect my tokens and close out the mtgox account.

  3. I’ve sold a small percentage of my bitcoins today, even that was reluctantly though! If I was you I’d hoard a few bitcoins long term (in your own wallet not mt gox), you don’t want to completely miss out if some of the more bullish scenarios end up playing out. I suppose a top has to come at some point but I’m not sure this is it.

  4. You may be right. The price did not head down when mtgox came back online. It may just get back on that rocket. I could sell 1/3 of my stash now and have a DCA of $0 or perhaps wait and sell a micro-BTC later for the same DCA.

    Looking into wallet software. Definitely don’t want to leave them in mtgox.

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