After a relatively quiet few days, BTC/USD charts indicate that bitcoin is positioned for a massive move. Although the direction is not 100% clear, there is a definitely a bias to the up-side. The upper red line on the chart indicates resistance at a constat level, while the lower lower shows support at increasingly higher lows. This pattern is typical of increasing upward pressure, and a breakout seems imminent as the lines are about to cross. It would not be surprising to see a move comparable to the size of the triangle, or approximately 30 points from our current position.
Update: 24 Hours Later – Bitcoin Move Realized
Disclaimer: The author of this article owned bitcoin at the time of publication.
Wow you nailed that. $11 jump since this was posted 10 hours ago. I will definitely be coming back here.
Thanks, a lot of forex technical strategies have been playing out well on the bitcoin charts. I’ll be doing a follow-up article in a couple days to examine how this move has performed, and to explain in a bit more detail why it happened. We’ll post on the TGB twitter account @TheGenesisBlock when it goes out.
Good call. Right on.
Nailed it.
Nice blog and I have added it to my RSS reader. But come on people, “The BTC exchange rate is going up”, that is hardly a difficult prediction.