Having been offline for a while, its about time I posted a bitcoin update. Heres a look at my latest bitstamp chart with 1 day candles.
Main thing to watch appears to be the pink line showing the bottom of the large uptrending channel. From bullish perspective I would be hoping to see a big bounce off the bottom pink trendline. However I remain uneasy about the way we have dipped under the log trendline I liked so much, shown approximately with thick dashed line and wouldnt be too surprised to see that bottom pink line fail as support too. I guess we’ll find out in the next couple of days.
In comments of my previous bitcoin post CB has shared a nice view of the consolidation of this bubble as comparison to previous bubble. This is a hypothesis I quite like which is we may see a final bearish wipeout prior to sudden moves back to the upside. Heres the link if you missed it. http://screencast.com/t/0gQoyeD7