After yesterdays big move up in bitcoins, which I think was about 16% on bitstamp and further moves up today so far it looks like we are about to test, or break through resistance at the top of my down sloping trend.
On my chart it is the region where I have two red trendlines close to each other which marks the resistance zone I’m looking at. If we push through that and the round number of $700 in the process it will be quite a significant bullish indication that the bear trend may have reversed.
With situation in Ukraine fueling global tensions this rally may still have a way to go. I also imagine many people who have lost bitcoins in MtGox might be getting anxious to buy some back too adding a bit more fuel for the bulls. First challenge is getting through those red lines though.
As a small footnote to this post I was watching the mainstream media talking about Ukraine at lunchtime today. The BBC featured William Hague who was promoting that Russia should withdraw and let Ukraine decide its own fate as a soverign country, he also elaborated about how the IMF is ready with funds to assist. Heres my translation; let Ukraine make its own choice (as long as its the one we in the west want which is for the EU borg to absorb it), we will be pushing debt down your throat via the IMF until you are our bitch. I also tried to see what RT was saying about Ukraine however the normal channel that shows RT wasn’t there… Hmm I’m sure that was co-incidence though.