Just a short post today, have drawn my channel onto this 2 month log chart. Despite how dramatic the price has climbed, up to about $90 the price is still within the channel I’ve been drawing recently. We’ve tested the bottom, when the price fell off a cliff a few days ago and many people in the bitcoin forums gleefully announced a ‘crash’. Now 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.
My gut tells me that we aren’t near a top yet. With the ongoing situation in the Eurozone and threat of bank runs in Cyprus, contagion spreading to other southern…
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