I mentioned the channel I’m now looking at in the comments of my last post. Since then the bottom of the channel has been heavily tested and withstood the recent fall in price. Therefore, with my new bull tinted glasses on I say the rally is still intact. Heres how the chart looks on MtGox data from TradingView, with 4 hour candles.
You might recognise the bottom trendline as the same one which I plotted on the supposedly bearish rising wedge recently. This trend looks very well established with many touch points along it. The top line was placed when the price recently broke up through the bearish wedge leaving many of the remaining bears including me defeated along the way.
Although the recent fall in price did overshoot the bottom of the channel slightly I will allow that as a normal exuberant correction.
Thats my thoughts for now. Cheers