After toying with a possible cup and handle formation, then a possible double top formation in recent posts, maybe its time for me to get back to basics and just have a look at some trendlines again. That double top has been blown out the water pretty much as the bitcoin price once again surges upwards. The cup and handle formation maybe in play, I don’t know. That handle wasnt very convincing to me.
Anyway, heres what I call my ‘August up channel’ chart, which is the slightly steeper of the two different sloped trends I’ve been looking at. As usual MtGox data. Candles are each 1 day.
This shows the channel I first started following back in August I think it was, although the actual rally began before that in July. The channel was quickly broken to the upside and also broken through several cloned trendlines with the same slope. The ‘last’ trendline is one from the April high, which the price is just reaching that now. Will there be some resistance there ? Maybe not. Bitcoins appears to be intent on rampaging upwards at the moment. For now I’ll just content myself with watching how it unfolds.