Bitcoin rise amidst Greek Default Fear

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.

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15 thoughts on “Bitcoin rise amidst Greek Default Fear

  1. Good insight ! ! !

    Who gonna win ? That lovely pattern or the mean bold red resistance ?
    I have my favourite !

    1. Thanks for the charts Artiti. Think the top one looks clear. So on the lower one, your orange arrow shows a kind of opportunity to break up like a path of least resistance or something ? Fingers crossed

  2. Since my post price is correcting down. Looking for support somewhere about $237 ish at moment and hopefully a nice bounce up. Price is closing in on upper red trendline slowely and gradually.

      1. Interesting developments, up to 255 now. Can we get back up to near 300 and once again attempt to call this 18 month long correction over?

  3. Just wondering if bitcoin is rising amidst greece default fear or Shangai-stock-exchange-end-of-rally ?
    I won’t be suprised to see chinese people back to the bitcoin market.

    Have you seen LTC rocketting right now ?

    1. Hi James, Yes I think bitcoin can get above $300 but there is still the upper red trendline to break through first (on btc-e at least). We’re in touching distance of that trendline now..

      As Artiti has just said in addition to Greek default fear there is also collapsing stock market in China (and soon in the West too perhaps ?)

      (On many other exchanges I believe we already through similar trendlines)

      1. Yah, my question was rhetorical 😉 If we get to 280-290 then we will be the most bullish at any point since April 2014. We’re within striking distance, so one more push? Will this be it?? Really hoping so.

    2. @Artiti I’m assuming it is a combination of Greek Default fears and Chinese Stock market collapse too. I also think Chinese investors will soon be flocking back into Crypto (they are very aware of bitcoin and quite savvy I think, they will know todays prices are bargain). I can’t remember the Chinese government stance or if they will make it difficult. Were they not trying to block bitcoin at some point ?

      On LTC yes I’ve seen those rises! Although I don’t post very much on Litecoin I had noticed it breaking its long term down trend a while back, the prices in litecoin were extremely depressed. I’m kicking myself a little bit I didn’t get some then, in hindsight this rise quite predictable. I’m reluctant to get in late though although I might miss further large gains I find risk of steep drop a bit too high at the moment. (Volatility)

      1. On june 30, LTC = $4
        Now LTC = $7,40

        This is exciting me very much because I’m not stacked enought and I want to have more money set aside but I’m a bit afraid to do it.
        ‘Have to act very carefully.

        I think next bloodbath will take place on LTC market.

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