Bitcoin surging up at the moment, in a quite exciting way actually, soon to push up past $300 by look of it. I’d had almost forgotten what a bull run feels like. Since I started posting about green shoots a while back its starting to feel like winds of change are in the air. (Not to tempt fate the big grizzley bear too much I hope)
Heres update to my last post in which I expected a correction which didn’t happen, btc-e with 4 hour candles this time.
Bitcoin busted up through the latest upper red line which had previously repelled it twice, then pushed up through the purple dotted line where again I thought there might be more resistance. On this chart you also see several victories for bulls over lower red trend lines in the past.
Could there ‘may’ be some resistance, at about $312 where I put a red dashed section over my green trendline. 312$ is a prediction I made recently after looking at gold / btc ratio but really was being a bit cheeky trying to predict an exact figure like that. However..
Looking at log price scale chart of btc-e a quick glance shows where I expect the real battle to lie a little higher than that.
The down trend is very obvious on here, if bitcoin keeps surging up at similar rate it will encounter that tough upper resistance line at about $340. Imagine if bitcoin breaks bullishly above that channel then I’d be seriously thinking of getting onboard before the ship sails. Otherwise price may fall back to ‘the accumulation zone’ with more time to perhaps acquire some more cheaper bitcoin at your lesuire. I personally don’t think there will be a new lower low though.
I’ll finish this post with another look at my ‘all time log chart’, showing bitcoin from days of MtGox (hollow candles) all the way up to now using btce for recent bitcoin data.
The little bit at the end shows a nice collection of green candles reminiscent of the early stages of some big runs in the past. I’m checking regularly to see if the trendlines are still being obeyed after the failure of the long term channel, I think they are, but jury still out I suppose.