MTGOX:BTCUSD   Bitcoin / U.S. Dollar
393 1 1
Replicating the trend line that is drawn from the April             high to last weeks high of 395 (shown in red) could indicate possible resistance at the 560 level. Interestingly a chartist from T.V who has spoken with big pocket investors said they had also spoke of this ~560 area. Lucano from MondoBitcoin also mentioned this 560 in one of his analysis videos.
http://www.youtube.com/user/MundoBitcoinVideos/videos

My speculation FWIW is that we could see a correction (maybe 25-28%) after which Bitcoin price could really go parabolic and shoot up a possible ~140%-200% in days. This is from studying the percentage changes and similar patterns from the April             run. Especially considering the large amount of buying pressure and limited amount of coins.

We could also have good news from the senate hearing on Bitcoin and well...keep heading to the moon :)

Stay sharp traders!
Agreed there is a risk at this price range based on the technicals. Something bad from the Senate hearings could trigger a well needed correction. Did a similar chart based on log scale.
snapshot


But, I actually don't think that will happen.

Got be sharp though for sure.

Thanks for the chart.
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