Here is a new update on Bitcoin which is starting to show some interesting bull moves.
As I wrote in my last analysis I would like to see a true break up through the regression channel, and I would like the price to stay up there for some days. This break has now occured and the price seems to have settled up around 10.700 – 11.000 usd.
I’m starting to have a bit of faith in the break up, and if we see a break of the former top on 4hr chart up around 11.000 then it could get exciting. Something has started to happen with the investor psychology and traders are no longer completely sure that the Bitcoin will collapse down to 0. We saw a few weeks were both media and traders thought the end was near.
But since the bottom in 6.000 the price has almost doubled and I just read the first couple of papers that dared talking about Bitcoin in 50-100.000 usd again. I have no idea if this is a realistic target for Bitcoin in the future but when the psychology is turning to positive like now, every positive day is another stone in the “wall of confidence” for future price records.