The bear trending resistance looks to finally be falling as bitcoin is up again today, over 10% rise on Bitstamp at time of writing. Have investors realised China not quite banning bitcoin yet again is not that big a deal actually? Or maybe this time theres good news I’ve not yet heard. I’m not saying this is big news but I noticed today that no-ip is now accepting bitcoin https://www.noip.com/bitcoin/ 🙂
Anyway heres my familiar bitstamp chart showing the last bubble and decline with 1 day candles.
In fact in the time since I opened this post bitcoin is still rising, having broken through red line is now closing in towards my horizontal support turned resistance line. That would look pretty bullish if it could get over that.
Readers of my blog will know I bought back into bitcoin early, however I’m not too concerned as I have no need to sell. Recently I posted I think there could be new all time highs by end of July this year, crystal ball . I now think that is unlikely given that the log channel I was interested in didn’t hold. But I still think new highs later this year is easily possible.
Here is another look at a log chart I shared recently. At the time I said ignore the fork I’ve placed on it because I’m usually overly bullish
Despite the fact I’m trying to ignore that fork. Look where the bottom hit! Exactly on that lowest trendline of the fork. Co-incidence probably but it did make me smile to see it.
Hope you didn’t sell at $400, happy trading.