If bitcoin price rise is connected to Greek Default it kind of looks like bitcoin is … a safe haven. Like gold only less suppressed and manipulated. Therefore better?
Despite scary stories about Greek default, the fact is a Greek default is not so scary anymore because the ECB, European Central Bank is now allowed to print Euros by the trillion. Great news if you like being part of a stable (but rapidly devaluing euro).
With Euro, GBP, Jap yen and US$ all printing by the trillions. Gold has erm gone down a bit!!! Lol what? !
Life inside the matrix.
In other news New World Order protagonist George Soros is outed being the puppet master behind Ukraine uprising. I think its time George goes away. Go away George.
Anyway heres the chart from BTC-E, on log scale with 1d candles.
Great news that recent price rise has put bitcoin above the red dashed line of resistance which has held bitcoin all 2015 so far.. As extra bonus, also bitcoin is also up back above lower purple line of my bull channel. If you want even more bullish technicals the weekly SAR has flipped to bullish now too as noted by Hyena in the forums.
Interesting also to note where that spike up ended, right on line which used to provide support. Support turned to resistance. Which I interpret bullishly as further evidence the bullish slope is still working and intact.
The real battle still to come is the upper red line which will most likely provide stout resistance, and as noted by James in comments will quite possibly form a wedge constraining price. If (or in fact when) bitcoin gets above that rapidly falling upper red line I call that the end of the bear trend. Until then we are still in the accumulation zone.
disclaimer: blah blah.
Heres a zoomed out version of same chart to add more perspective.