Still climbing

Heres my latest snapshot of the upwards climbing channel we are still in. In fact at the moment we are more or less slap bang in the centre of it. I’ve left the little red mark where I was looking for support on my last post ‘Quick Update’. As it turned out the price didn’t quite reach down to the trendline and instead climbed up to test the top of the channel.

It looks like bitcoins are not benefitting from Ben Bernanke’s descision not to taper the same way gold and silver did, (which is a shame I think). However bitcoins appear very healthy to me just now.

On that non-taper decision I’m puzzled why its caught the markets out! I’m hardly an economic expert but even I understand how they cannot stop money printing. The US dollar is in an inflationary death spiral and under Obama’s administration there is zero chance he’ll do anything but grow the defecit. Even if Ben had ‘tapered’, it would have been very short lived before the next even bigger QE would have to be announced. Be very wary of what you see on the corporate news channels on telly, just about every thing you are told is bullshit. Trust me on that one, but more importantly, use your own brain and trust yourself.

For fun, heres another picture of the up channel on a zoomed out scale showing the whole of this 2013 bubble. To me it looks very like the bubble collapse didn’t really follow the script. Many including myself expected a bigger fall. Thats not to say its still not possible, but to me it looks more likely we are heading up. Until one of my support lines on the bottom of the channel is breached I see no reason to change the opinion that we are still on this uptrend.

2 thoughts on “Still climbing

  1. You’re right back! Happy happy 😉

    This week, market is so flat! You’re right, Ben’s decision has no effect over bitcoin price. Maybe only whales make the market?

    You 2nd chart shows up clearly how resitance line during the downtrend became a support during the uptrend.

    USD138 has been supporting prices for 4 days.

  2. very true about resistance turning into support, no idea why it should work like that but its amazing how often it does.

    If you look at the price action on lower timescales it looks like people (whales?) are making big purchases pushing the price up, then lots of small sales erode the gain, until the next whale purchase. I think there are some rich geeks accumulating bitcoins, wonder if Bill Gates secretly likes them

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