I mentioned in my post the other day how the price has moved up from around $70 to $120 in the last couple of months. This run as prompted me to have another look at the charts, which I must say, looks very interesting, to me at least, on this one year log scale.
As you no doubt notice I’ve marked a couple of possible trend lines on the chart and also indicated with green spots where support was found, and red spots show resistance. Could this be the basis of a new up trending channel?
If so you can see that support currently lies at $100 whereas resistance should appear at $150 (which is a little tricky to make out on this scale).
On this scale you can see the whole ‘bubble’ quite easily where the price sky rockets above the channel, but then on the subsequent collapse finds support at the top of the channel, then after a dead cat bounce it falls into the channel and finds support at the bottom of it.
So now the bull run can resume, fueled by rogue central banks gone mad with money printing and insiders who know a global collapse is coming, fear over lost bank deposits, uncertainty over war in middle east and so on.
Heres a longer term log chart stretching back to 2011 to show the uptrend in context of the long term trend line.
Just been looking at the RSI indicator (sorry haven’t made a chart to see), bitcoins are looking slightly overbought just now, next move may dip down. Don’t see us falling out that channel though.