Not really unexpectedly bitcoin has steamrollered the top of the horizontal channel of my last post and for good measure is already up to $400.
Heres a 4 hour chart from Bitstamp
Ah this kind of rise reminds me of the gold old days, like when this happened back in Feb 2013, the start of a new bitcoin mania and bitcoin broke up above $20 on its way to challenge the all time high of $32 at the time.
Back to today, looking at longer timeframe gives more perspective. Heres a look at the weekly chart on log price scale.
By any stretch that last green candle is quite a big one. As you can see this chart has an upwards trending channel shown on it which I’ve featured in a few of my recent charts. After breaking up from the horizontal range of 2015 there doesn’t seem much to me stopping this rally spiking up to the middle of the channel somewhere near $500. Perhaps to end there (for now) or not.. who knows?
So why is bitcoin shooting up? Zerohedge is pointing to chinese capital controls being avoided. http://www.zerohedge.com/news/2015-11-03/bitcoin-surges-1-year-highs-100-china-capital-controls-august-lows However with a halving drawing closer bitcoin has another reason to start going up. Suddenly all news is good news.
Continuing looking at the channel its interesting to note that bitcoin could get close to the old all time high and still be within the channel. If it goes on another bubble how high could it go? Mind boggling to think. But anyway without getting too far ahead lets enjoy this for what it is. Hope you accumulated some cheap bitcoins in the area I was calling the accumulation zone.