In my recent ‘trending up’ post I highlighted something of a channel I’d spotted, which was.. trending up, (if you hadn’t guessed).
However since then the price has dipped a bit and not really looked like it is moving up at all. So how is the recent price looking against that channel?
Heres an updated chart with the same channel drawn in, on a 2 month log chart this time.
It looks like the price is currently scraping along the bottom of that channel which doesn’t really inspire that much confidence in it holding as support, perhaps its more likely we’ll just continue along in a range between $120 and $140.
In that same trending up’ post there was also a nice looking upwards trend contributed in the comments by btcwatcher. Heres how that’s looking on an updated 6 month log chart.
I haven’t drawn the line in very precisely however you can see it didn’t provide support in the end and the price is now under that trendline. There is however a similar slightly less steep trendline which can also be plotted on that same timescale as shown below.
So we get a second chance, lets see if this one provides support when we get there.