JimboToronto
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December 09, 2016, 07:30:57 PM

Good AM Bitcoinland.

This is starting to get monotonous... still $775USD/$1023CAD at Bitcoinaverage.

As expected, $780 has proven to be a formidable barrier.

Maybe this weekend we'll see some real movement.


I have kind of been wondering about this matter of the price lingering at the top of a newly formed channel, and taking considerable time to break through.  Does anyone have any solid theory or technical analysis terms for that dynamic?  

I am kind of considering the whole dynamic as bullish, and maybe it has kind of been occurring for 4 months since the lower $600s?  Eat away at resistance go up a little bit, eat away at resistance go up a little bit, etc etc etc...

I'm not big on technical analysis being applied to something as manipulable as Bitcoin, so I can't comment on its terminology.

I will say that I also see this phenomenon as bullish, but that's not surprising. I wouldn't be an accumulator/holder if I wasn't a permabull long-term. Luckily Bitcoin has (with the exception of 2014) proven me right.

The tinfoil-hat conspiracy theorist in me would like to believe that it's all a choreographed dance, orchestrated by a few extremely wealthy individuals or groups to accumulate large Bitcoin holdings at the expense of amateur traders.

The realist in me wants to believe it's just a natural market dynamic. Keep battering away at a resistance point until it's broken, move up another leg, have a correction/profit-taking/(manipulation dump?), establish a new higher support level, then head back up to the new resistance point. Rinse and repeat.

Either way, I see it continuing upward for now.