On the same day the Greeks voted no to austerity conditions imposed on them, bitcoin has broken through the formidable upper resistance on my btc-e log charts. Not a total surprise, on chinese exchanges the corresponding trendline already fell some time ago.
On BTC-E it looks like this …
For me this is a huge bullish signal for bitcoin and I think also illustrates the contrast between the banking system and the ideals of crypto currency. Capital controls, bail-ins like Cyprus with banks. Or being your own bank outside that system, bitcoin (not forgetting physical gold, silver too). Apparently many greeks have tried to store value outside the system by buying cars which was hardly ideal but worked quite well. A shame more of these people don’t already understand bitcoin. The word needs to spread among greeks and everyone else that leaving money in the bank is a huge risk.
Perhaps we are about to leave or are now leaving what I’ve called ‘the accumulation zone’ but its not too late to buy in as long as you prepared to hold longer term.
Disclaimer – bitcoin is still risky and uncertain how it will scale as it grows so don’t bet everything on it a wise move is to also hold physical gold and silver, fine art, land, anything thats not shares or money in a bank basically. These are my opinions not investment advise.