up channel

This is what I’ve just been looking at, which is honestly making me feel bullish to the point where I’ve bought back in some more bitcoin. Is a bit of a gamble as the case for a collapse is persuasive but I like the look of this as a potential up channel.

Here is on MtGox with 4 hour candles.

If this channel holds we should soon see a rally from the bottom line taking us up through $1000. Guess we’ll soon see..

edit: However we’re still under what will probably be tough resistance to break through (as commented, thanks Artiti).

Note the blue line has been repositioned slightly compared to my other charts after that move which looked like a break downwards.

Red line shows strong resistance. Maybe further resistance below that, check out Artiti’s post in the comments for details.

12 thoughts on “up channel

  1. https://www.tradingview.com/x/R8cXfFxP/

    Hope you’re right. That makes me feel pretty bearish for the next two days or 3. Because we’re touching a resistance and momentun is moving down a bit.

    If I’m wrong and resistance becomes a support I’ll buy few and wait till touching the second orange line above.

    1. Lately all my calls are the kiss of death, I’ve probably just doomed bitcoin to a steep drop !!!

      Thanks for sharing that chart. That will be tough resistance to get through as you correctly point out. Think I’ll update my post to show my other chart for comparison …

  2. I really enjoy you guys analyzing the charts, and honestly it is over my head, but I like the perspective none the less. I apologize for not being able to add to the conversation. The only thing that bothers me is that mtgox is seeming to become less relevant as a marketplace and more disjointed form the rest of the larger more liquid markets pricing and movement. My opinions of mtgox stem from the fact that others are actually trying to innovate and trying to push the envelope in developing reliable and accessible hubs for exchange while mttgox seems to be just riding the coattail of having been the first and thus the biggest early on and not really doing much (at least appearing to ) to stay relevant.

  3. According http://www.bitcoinity.org's data,

    Volume in KBTC During last 24h :
    bitstamp 7.7
    mtgox 6.7
    btce 5.7

    During last 3 days
    btce 23.9
    mtgox 23.3
    bitstamp 22

    During last 7 days
    bitstamp 66.2
    btce 59,9
    mtgox 49,7

    They are pretty close to each others.

  4. You all raise good points. Just been looking at MtGox compared to BTC-E and Bitstamp on TradingView. Its quite shocking the difference, hadn’t realised it was so much. The rally I’ve been getting excited about is much less apparent away from Gox.

    I think its time I look more at the other markets. Unfortunately TradingView doesn’t have Huobi market data (as far as I’m aware.)

    Thanks for all comments

  5. If you want to withdraw fiat from Mt.Gox you’ll have to wait a ridicolous amount of time. E.g. withdrawing 1000$ prepare for 2-3 months or more. Splitting up in smaller amounts does not do the trick cause you only have one withdrawel in 20 days (!!??). (My experience from september 2013)
    With bitstamp its 2-3 business days and you pay a fee. (I only did SEPA transfers so far on both market exchanges). So for me the price of a bitcoin on bitstamp is far more realistic. And I am avoiding Mt.Gox like the plaque.

    Anyway, thanks a lot for this great blog! (Besides, I would opt for bitstamp being used for chart-analyses)

  6. So we’re talking about exchange, I would like to share my experience with kraken (corean website).
    Fees are very low (starts @0.2% fee and gets lower according to your trade volume).
    It’s liquid enought (2nd biggest market place in EUR, behind mtgox) and I got 0% fee for a EUR deposit. My bank is located in SEPA zone and kraken bank is in Germany. It took only 2 days !
    Furthermore, no need to upload bills, ID card and all that stuff to start trading.

    API seems to be complete and working well.

    But I haven’t withdrawn any EUR yet. I don’t know how long does it take.

  7. Jamie DImon, JPM CEO has just been interviewed by CNBC about bitcoin. Immediatly BTC losses USD10 on mtgox and broke AFbitcoin’s support up channel.

    He said “It’s a terrible store of value, It could be replicated over and over.” wich is totally false.
    Then he added “a lot of it is being used for illicit purposes”.

    BTW, U.S. hits JPMorgan with $2B penalty over Madoff Scandal…

    …We’re living in a so funny world !

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