I’ve been sitting on the fence for a while now waiting for a new trend to emerge and now I think I’ve found one which I’ve depicted here on this one month log chart.
On the basis of this chart we are looking at quite a clear rising trend line now. We’ve had a recent correction below the mid point of the channel wonder if we’ll see some support around the bottom of the green shaded area.
Most of the moves up and down have been constrained in that area I’ve shaded green but there have been spikes both above and below that area which may define a broader range for the channel.
If you are on the sidelines waiting for a chance to buy cheaper bitcoins you might be wondering if its not going to happen now. At least thats what I’m wondering anyway.
Heres a 5 month log chart with the primary trend for this bull run illustrated. Based on the comment from btcwatcher. Thanks btcwatcher.