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.
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.