Resistance approaching

[afbitcoins]

...  it looks like we’ll probably meet resistance at the top of the channel.

If the price drops we may find support at $75 ish where the middle of the channel is or somewhere just above $60 if we fall to the bottom of the channel. Perhaps we’ll just flatten out at $90 for a few days.

[ineededausername]

...  it looks like we’ll probably meet resistance at the top of the channel.

If the price drops we may find support at $75 ish where the middle of the channel is or somewhere just above $60 if we fall to the bottom of the channel. Perhaps we’ll just flatten out at $90 for a few days.

Or... we break out

[smoothie]

it is just a line....Bitcoin > trend line on a graph.

[ineededausername]

New daily high....

[Beta-coiner1]

Weren't we saying the same thing when it was in the high 60's-low 70's?

I'm still quite bullish at least for the next two weeks.Due to Coinlabs,Cyprus banks re-opening and EU-wide worries concerning bank account seizures of some sort and the fact Bitcoin has been getting some press.As we speak just hit a new 89.50 high on the gox,lol.

[afbitcoins]

Or... we break out

I like your thinking!!

[Zangelbert Bingledack]

I'm partial to this type of exponential channel analysis.

What I take from this is not to be surprised if we pull back for a while, especially if there is no new news. This is somewhat counteracted by the tremendous bid-ask spread on MtGox, though. All in all, anything could happen, but dropping below the bottom support channel - unless due to bad news - seems least likely just because of all the people nervously standing on the sidelines, biding their time for a chance to buy just a bit lower, wondering when the hell it's going to dip.

My best guess is that we'll slosh around near the top of the channel and perhaps break out, especially if there's good news. (However, if we do break out we may be in for a rapid reversion to inside the channel shortly after, barring a sustained stream of positive news.)

[Chalkbot]

So, if I go to buy a good quantity of bitcoins right now, is there going to be, like, a message that pops up that says, "This order will break the trend line on some charts, please reduce your order or sell all your coins?"

[Evolvex]

So, if I go to buy a good quantity of bitcoins right now, is there going to be, like, a message that pops up that says, "This order will break the trend line on some charts, please reduce your order or sell all your coins?"

Wouldnt that be nice

[lucif]

It already broke 10500 trends, including log scale ones.

[Rothgar]

It already broke 10500 trends, including log scale ones.

It's over 9000   

[afbitcoins]

Unbelievable! It's breaking out to the upside 

$95 on Mt Gox now, need to stop people buying they're spoiling my lovely trend lines

[Logik]

Cyprus banks open in 1 hour

[Mushoz]

Cyprus banks open in 1 hour

Getting money to the exchanges will take a while

[phatsphere]

my feeling is, that it breaks out a bit, and then it retraces a bit more than the breakout. then it'll get interesting.

[🏰 TradeFortress 🏰]

hurr durr resistance approaching

oh wait

We'll see it at $100.

[Rothgar]

hurr durr resistance approaching

oh wait

We'll see it at $100.

You saw those lines on the chart.  THE LINES!!!!!

[afbitcoins]

I've heard rumour that the Laika bank failed to open due to 'technical difficulties'

[Zangelbert Bingledack]

My best guess is that we'll slosh around near the top of the channel and perhaps break out, especially if there's good news. (However, if we do break out we may be in for a rapid reversion to inside the channel shortly after, barring a sustained stream of positive news.)

 

[afbitcoins]

My best guess is that we'll slosh around near the top of the channel and perhaps break out, especially if there's good news. (However, if we do break out we may be in for a rapid reversion to inside the channel shortly after, barring a sustained stream of positive news.)

 

This is the rapid reversion to the channel I reckon. Kind of kicking myself I didn't sell a few when I saw the resistance approaching on my chart. Overbought at the top of the channel = good time to sell a few.

Lets see if it gets as low as $60 ..