Bitcoin has failed to break free of the that has held bitcoin captive for almost a year and a half.
Yet again the resistance proved too strong, As the linear uptrend line was violently peirced in January I doubt that it will save us by serving as support.
I think the price will bounce along the linear uptrend line around the 230s for a few days at most before spiking down hard and testing the new uptrend line around 160-175 depending on when it touces it.
A similar testing pattern can be observed between 4th July 2013 and 1st October 2013 prior to the November 2013 rally. In july 2013 there was a capitulatory move down, 3 months later price spiked down again to test that before beginning a new rally.
Right now it has been almost 3 months since the capitulatory sell off to $151...
Once the price touches the line it wont stay there for long. New buyers looking for bargain coins as well as the weak hands who will be well and truly shaken out of the market should catapult the price into the stratosphere.
Fundementally the global economic conditions are extremely favourable to bitcoin . The problems in Greece & the Eurozone as a whole could be enough to make Bitcoin appear as a safe haven asset again but due to the overbearing resistance it needs to go down and hard before it can attract enough buyers to gain terminal velocity and escape the gravity of resistance so that we can head for the moon!
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