With a bitcoin rally from the recent low at about $160 rebounding then spiked up reaching above $300 at one point. Now bouncing back down like a yoyo is currently sitting at about $260 as I write. Whats going on? Is bitcoin going to the moon or what? Coinbase seemed to think so https://www.coinbase.com/lunar Or do they? There seems to be some mystery over the ‘to the moon’ announcement.
My limited understanding is that there has been a countdown to a huge announcement accompanied by a price spike up and then nothing much but a picture of a rocket sitting on the moon, followed by a price decline! Am I missing some vital piece?
Anyway if anyone knows whats going on with coindesk announcement maybe you can provide some comments to clue us in.
Some trivia. Did you know Orwell’s War of the Worlds was originally a psy-ops to test the ability of media to manipulate the public? I’m not sure why I mention that but something brought it to my mind.
Anyway heres some charts from btc-e, starting with linear price scale and 1day candles.
The price spike took us above a stout line of resistance but decline since then has taken us back below. We are however still above the green trendline which has given good support in the past. Will be quite nice from bullish point of view to see price stay above that. On this chart price needs to get above the upper red line to start looking more interesting to the bulls. That would be somewhere above $320 at the moment, although with the line falling steeply eventually it will be easier to breach.
Heres similar chart but using log scale.
ON this chart I have quite a mishmash of lines but broadly speaking we are back towards the upper half of a down sloping channel. A break up through the channel would look great but seems quite far away at the moment, requireming price close to $400. But still this is bitcoin. The volatility is staggering at times. For price to look like it is going that far coinbase may have to have some seriously good news.
edit: If you feel like a history lesson and delving into some conspiracy this is well worth a watch. Despite being 3.5 hours long