The end of the bear trend unfolding

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.

14 thoughts on “The end of the bear trend unfolding

    1. Yes, you are right, it is early days, perhaps I’m being a little over enthusiastic. With situation in Greece it does seem bullish but there are things waiting to pour water on it such as the block size debate which is still not resolved..

      1. Time to look at LTC again? Price has been looking perky lately. Not sure how much of that is down to imminent block reward halvening, or because it’s the obvious beneficiary of any max block size issues that constrain tx capacity? Interesting to note that LTC has 4x the tx capacity by virtue of a 2.5 minute target block time.

      2. Yes Litecoin has a bit of a mania going just now. I’ve had some angst wether to buy in or not (but haven’t). I wish I’d known about litecoin block halving, I’d have probably been much more likely to get in at the right time.

        Still it might be a good rehersal for bitcoin’s next halving sometime next year.

  1. Never seen Ron Paul so high as f***
    I’m becoming very optimistic but no need to be in a hurry.

    2012 bubble ran from $3.88 to $15.30 (x4)
    #1-2013 bubble ran from $8.89 to $259 (x29)
    #2-2013 bubble ran from $90.21 to $1095.20. (x12)
    This bubble (if it really is, we will only know in the long run) started under $162 and would go very much higher than the previous top.
    So buying some now or @$300 even $400 would be a pretty good deal.

    This is just my opinion.

      1. Reply to Jean-Phillippe, I think the reason bubbles keep getting bigger is because of bitcoins growth from an interesting little experiment to a true global form of money. At present I would say bitcoin has still a lot of potential room to grow so bubbles will keep getting bigger, unless some fundamental problem with the technology manifests.

    1. Moving Ron Paul to comments he’s a bit too high for main post!

      Agree theres no need to hurry just as last bubble correction took far longer than previous bubble corrections I think next bubble may also be stretched out in time compared to previous ones..

    1. Myself I’m crossing my fingers for $13,000 bitcoin, based on a chart I saw here a couple of months ago where $13,000 was the top of the log trend line. I’ll be able to take a couple of years off work and travel the world. Here’s hoping.

  2. Interesting what the Greek news did for BTC overnight. Despite expecting bitcoin to correct on the news, it gapped up. Extremely bullish at this point, no?

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