Thanks to popular opinion expressed on my last up channel post. I’ve spent some time looking at Bitstamp for a change from MtGox. I really appreciate the input so thanks to all who stop by and try to keep me right.
Heres some trendlines I’ve been fiddling about with on Bitstamp USD, 4 hour candles.
Hard to find a corresponding ‘up channel’ on bitstamp. Strikes me that theres more of a wedge pattern, (which there is something similar on Gox too). Would you call that a falling wedge? If so, it could signify a break up would be expected. You could say that this is a second wedge with the red dotted line showing the first wedge which is already broken through.
The base looks horizontal and I would expect support there if the price falls, which would be about $760
Maybe bullish Gox will pull other markets with it to aid a break upwards? Or maybe I’m clutching at straws to find bullish signs because I just purchased some bitcoin?
If you missed it in comments here is a chart showing Gox, Btc-e and Bitstamp all on same price scale. Very noticable how much higher Gox is than other markets. Also noticeable how MtGox is rallying right now where other markets remain flat! Arbitrage opportunity ?
Heres a link to an old post I wrote about the higher prices on Gox which I still feel has some merit.