Bitcoin poised to surpass $300

Forgetting all the craziness in alts for a minute bitcoin is quietly making nice gains. With the bear trend beginning to disappear into the distance the way looks clear for bitcoin to continue upwards.

Heres a view from btc-e with 1 week candles and log price scale

Lots of green candles in a row sometimes heralds the start of a new mania but I think it will be a bit more subdued than that. I’m looking to see if there appears resistance in the middle of that rising purple channel. If bitcoin goes through that easily then the top of the channel may be visited which would be somewhere above $400. In my view its not too far fetched to anticipate that but lets get above $300 then middle of channel first.

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9 thoughts on “Bitcoin poised to surpass $300

  1. So I have officially broken even since my slow accumulation began March 2014 and slowly averaging down. And holy crap, the upward price movement is accelerating. Have we just witnessed liftoff of the rocket?

    1. The 310-315 area could be resistance as this was what price bounced back to in January 2015 after the crash to 160, but hopefully we will just get consolidation and pause here. I will be happy if it stays above 300 the next day or so before we break through 315.

      1. Congratulations getting into profit ! I don’t know if this is start of next mania or not but to me is starting to feel quite exciting just now. Maybe I just forgot what its like to see price rising

      2. Agreed. As exciting as hockey sticks are, I don’t want the mania phase to start yet. I want us to remain in the uptrend channel you drew and slowly increase to $400 by August, $500 by September, and $700-$800 by October. Then we call go all vertical and in November. The higher the base we establish, the higher the peak of the bubble will be.

  2. Ok so price dropped after Greek news. Fine. But I was hoping we’d be drifting slowly back up to up to $300 but we’re stuck around $290. If we don’t get back up to $300 by the end of the week with another weekly green bar on the charts I am going to be very nervous.

    1. Thanks for your comment Artiti, sorry it wasn’t approved before it seemed to slip through the net for some reason. I appreciate your viewpoints a lot. 🙂

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