Trending up

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.

Image

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.

edit:

Heres a 5 month log chart with the primary trend for this bull run illustrated. Based on the comment from btcwatcher. Thanks btcwatcher.  

20130529 5 month log chart

 

 

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3 thoughts on “Trending up

  1. Draw a trendline connecting the first few spikes down in Jan/Feb to the bottom of the initial spike down after the “bubble” burst on Apr.12 through the may 3rd spike to today. You’ll see we’re right now continuing up the same primary trendline we were on in the very beginning when the latest “bubble” started in Jan. If we run to 166 we could be forming an ascending triangle that I would expect to break to the upside and approach 200. If we break our trendline I would expect a significant drop.

    1. I’ve found the line you’re talking about but wasn’t so sure about the ascending triangle. Have added it to my post. Thanks for that, very interesting.

      1. No problem, I appreciate the insights on this blog. The ascending triangle has not materialized yet — just speculation as to what might happen if we continue in a bull market. If you draw a horizontal line from the 166 peak to where it crosses the primary trendline in the future (sometime in mid June) you’ll see the triangle. I would expect a test of 150/166 very soon, then a brief pullback to the trendline before breaking the triangle to the upside. We could just as easily do a “slow” crawl up the trendline instead though. Just have to wait and see.

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