Testing the top of the channel

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Just a quick post to share this chart which is a 10 day log chart. The lines were added in a bit of a rush but you get the idea I’m sure. Looks like the channel is becoming quite well defined though.

Price has moved bullishly in the last couple of days up towards the top of the channel, which is something I thought may happen. Its almost as if it’s targeting $100 which is a nice round number of psychological importance. I’m expecting that it will probably fail to push through that resistance though and fall just short of $100. We may rebound downwards to see another dip down to $70 or perhaps even towards $50.

Perhaps I’m wrong and we’ll breakout upwards. If thats the case that would be quite an exciting development but I feel the chances are not that great.

Anyway not much more to add now as its getting late

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