Hadn’t bothered checking the charts this weekend feeling pretty certain that resistance would transpire at about $170 if it even got that far.. until I received notification of a comment telling me $170’s resistance had been easily perforated!? What? So I checked and it sure has!
This is what it looks like on my shorter term channel
That spike nearly went up to $200. Haven’t seen bitcoins busting out the top of a channel like that since the run up to the all time high. This has to be bullish, however, it looks to me like price is pulling back now, as you’d expect.
Heres a the price chart on the other channel, which I call ‘take off’
I’ve added a new trendline above where the price spiked to which I feel may come into play in time. I’d say a pullback is likely maybe to the resistance level which now becomes support at $170 or maybe lower but this upwards channel is still valid until proven otherwise, and the behaviour is very exuberant.
edit: I don’t normally go in for these kind of chart patterns but for fun, heres an inverse head and shoulders pattern which has just completed.
If this had been spotted just after silk road that spike up might have been predicted.