Bitcoin primed
I'm seeing a lot of bearish analysis out there at the moment for bitcoin so thought I'd throw this idea out there as a contrary opinion.
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.
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.
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