Its been a testing time trying to be a bitcion bear. After accumulating bitcoins at every opportunity since I first got into them. It just felt wrong to be actually be selling them.
Bitcoins are global, can operate beyond border control, beyond government control and beyond central bank control. The scope it truely huge. Bitcoins are here to help the people while their own countries currencies are failing them. Savers being punished while austerity is forced on us to pay for banker’s mistakes.
Cyprus may have been a lage influence in the last big up moves in price. How long until the next country is targeted for austerity, depositor theft, or whatever the powers that be can dream up? Lets just hope the Mtgox infrastructure has been beefed up enough to cope with surging bitcoin demand.
Anyway I’ll get on with my charts. Since yesterday’s last post, the price has shot up to about $170 and then dipped down. Heres what it looks like on an 8 day chart.
As you can see I’ve drawn in a trend line, our old friend from March. I think the price has met resistance at that old trend line for the second time since the price crash.
Its a bit easier to see the trend line on the 3 month chart which I’ve updated here. Just to prove there was a reason I could add that line on the previous chart where I did.
Seems to me this line provided support a number of times in the run up to the price peak, which I’ve marked with green circles, now the same line is providing resistance since the price crash. To me this is a very healthy sign that the rising trend from before crash is still very much active. Knowing how formidable a bitcoin bull run is, I’m now expecting we’ll probably push through that resistance at some stage. We may even surpass that high point in the next month or two.
Hehehe I did warn you I’m feeling bullish in the title, I wasn’t kidding!
I’ll leave you with an article that I found interesting from the bitcoin magazine.