Before my bitcoin analysis just want to express my dismay over whats happening in Paris at the moment. Thoughts of love and peace being sent out to French, Syrians, Christians and Muslims.
My own fears are about the outcome of this terror attack, just as 9/11 trade centre attack/false flag, ushered in a new era of wars in the middle east and relentless clamp down of civil liberties I fear we will be subjected to even more of this kind of treatment. The powers that be never let a good crisis go to waste and I fear this will be milked to its utmost. With hundreds of raids on homes in Paris and French forces already bombing in the middle east, you have to wonder is this going to help matters or pour more gasoline on an inflammable situation? It is no secret that the west has wanted a war with Syria for some time, maybe this is the excuse.
Another spooky co-incidence like 9/11 is the fortuitous discovery of passports linking to the terrorists. Handy.
Looking at the bigger picture this is just more of the same. We are being herded into the new world order and possible world war wether we like it or not.
Anyway I hope you excuse my rant. With that off my chest heres some bitcoin analysis. I’ve shared this idea on TradingView and thought I might as well add it onto my blog too. Heres the familiar log chart from bitstamp.
Some of this analysis is repeated from ideas I’ve already expressed in this blog. I feel my bullish ideas provide a contrary opinion to the many bearish ideas expressed on Trading View currently.
In log price chart there is a well defined bull channel, shown in green which goes back to 2012 (and possibly earlier if MtGox data were available). Recent spike up to $500 ended exactly on midpoint of the uptrending channel (supporting the validity for the trendlines). Other evidence for these trendlines is provided by the upper trendline of the channel which supported bitcoin multiple times while it was in bubble territory before finally giving way as the price went on to reach its post bubble low.
The recent spike is reminicent of ‘mini’ bubble in bitcoin in 2012 before the huge bull moves began.
In the short term if horizontal resistance at $320 doesn’t hold then price should find solid support at around $270 ish which will be a great place to go long if it gets that low, with sell stop under the channel.
With bitcoin already very depressed after the collapse of the last bubble there is plenty of room on the upside. Bitcoin can get past previous all time highs while still in the channel, before even getting into crazy bubble territory.
For fun I’ve shown possible path price might take as the halving mania and price pump begins to take hold using some black arrows.