Price has been climbing incrementally since my last post, enough to push up through the resistance I mentioned on the second chart of that post.
I’m focusing on an updated version of that second chart for this post. (the other channel isn’t on the scrap heap quite yet but doesn’t really add anything else to this scenario).
Heres a fairly closeup view showing the time from the start of this month, just before the silk road bust.
edit: Fractally it is quite an interesting mini version of the 2013 peak.
Looking at the recent action, notice how the resistance line now looks like it has turned into support. I also have the resistance line from the all time high, to last weeks high included on this chart too. I’m expecting support at about $210 and resistance somewhere up near $232. Its a closing wedge and this being bitcoins, and a bullish trend I think that resistance will be overcome soon enough. (Unless the Fed tries selling into the rise or something 😉
Heres the same chart but zoomed out to show the whole ‘take off’ of bitcoins so far.