Well that resistance lasted about 2 minutes after my last post! Lol! On such thin volume all it took was one quite large purchase to push through and so here we are again, price pushing up, blatently ignoring the bearish trendlines I was adding a few days ago and mocking my attempt to put resistance before it only about an hour ago.
I don’t think being bearish in bitcoins suits me very much. Despite how I’ve tried to convince myself numerous times, that I’m a short term bear since the recent price crash, in reality I’ve never been 100% convinced. In fact my bears versus bulls post summed up quite well the indecision I’ve been feeling.
The breakup through resistance just a few minutes ago has prompted me to look again at the longer term trends. Take a look at this 3 month log chart.
That middle rising trend line is the very same one dating back to March which I was drawing in before the price crashed. Currently we are under than line but it looks like the price is trying to break up through it again. Could it be that the price peak and subsequant low have defined a massive up trending channel which is primed to take us to $500 bitcoins and beyond.
If this is valid then it could be that the peak was in fact just a large correction after all. The mind boggles how high bitcoins could go if this is the case.