Heres another bitcoins chart with 1 day candles for a change.
I’m still marking an upwards sloping fork on my charts which are all those upsloping parallel lines, maybe its just wishful thinking. Also still showing the bitInstant arrests, to illustrate how I think of as more of a news driven event than a technical break below the blue line. Blue line still looks like strong support however it also looks like its about to be tested again in fact with price dropping below $800 on bitstamp and getting pretty close to that level. Still above that blue line at the time of writing.
In general the recent action in Bitcoin are pretty flat by comparison to only a month or so ago.. Would you even say price is ‘stable’? Or just like other periods of consolidation following spikes / burst bubbles which have also gone through fairly stable periods afterwards.
After the April bubble the price hovered above and below $100 for a few months, now it appears similar is happening except near $1000. Amazing when you think about it, bitcoin is 10 times more valuable in US dollars at least, since May/ June last year. Will same happen again in next few months? Will we be looking back at $1000 bitcoins and saying remember that, look how cheap they were you could buy one for only 800 bucks ? Or maybe I’m taking price rise too much for granted !!
Relative quietness in bitcoins has prompted me to start looking a little bit more at some alt coins though. Heres a very nice chart I thought. Litecoins on a log scale with weekly candles shows a repeating staircase pattern.
Based on this it seems clear, buy litecoins in June ish then wait a short while until they reach about $200!
I don’t have a chart of Dogecoins (a litecoin clone) but they are rising at phenomenal rate just now, up 15% in last 24 hours I think. Such crypto! Overtaking litecoins too. Amazing power of marketing, no innovation but a very nice looking brand.
Anyway bit late so will end this post here.