Resistance at $170

Since the Silk Road bust I’ve been watching two channels; The upwards channel I was already following, and a second slightly less steep, longer term channel. Price has been climbing rapidly ever since Silk Road, so heres how its looking compared to both channels for anyone who might be interested.

First heres the shorter term channel I was already following, showing the rally since July. Note the top of the channel is currently near $170

Heres the second longer term channel which I started following in the wake of Silk Road. Note that by co-incidence the top of this channel is also currently at about $170.

So we have two channels both showing possible resistance at $170 ish, and both showing bullish trend. Still waiting to see which channel is the more valid. Time will tell. But if we reach the top of those channels thats were I’d be expecting resistance.

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