Heres a quick post to show my latest charts for what they are worth. First theres this one, my steeper channel
Perhaps we are following the same trend from a higher level now. I wonder if support will be found where I’ve marked a green dashed line? There may also be resistance where I’ve added a line joining the tops similar to previous resistance encountered from lower tops.
My other chart paints a totally different scenario however.
In this view we are facing resistance not support and price looks like it may drift back down below $200 again.
Its a bit of a pain having these conflicting charts in a way, i’m not very experienced in Technical Analysis, maybe its normal to have different pictures that disagree. Maybe the way things unfold over the next week or so will allow me to judge which view is the more useful?
Personally I’m hoping for lower prices as I want to purchase more bitcoins. My own thoughts are that the price is on a large upwards trend and I tend to like a buy and hold approach. I suspect new all time highs are on the horizon, perhaps not until next year but then again, who knows? This is bitcoins.