Well Guys, it's been a huge week for bitcoin and it aint over yet.
Who'd have thought, just a week back that this market would range through $450...
Anyway, it has and in our last post we identified the $700 area as a key price zone, as it represents the extreme of bitcoin's price movement within the context of its trend channel on all but one occasion in the past.
Specifically, $675 looks to be the point of inflection as you can see on this chart:
As you can see, the market is battling to climb back above this key level as I write and the outcome of this battle is, in our view, going to dictate bitcoin's immediate future in the market. But it's the end of the trading week that we need to focus on.
If, on the one hand, the market manages to burst back through this level on a week end basis, another run at the highs is on the cards - and possibly higher still.
If, on the other, we fail here, then horizontal support at $450 and quite possibly the rising support line below it (shown in green) may well come back into play.
And for us, it really is as simple as that.
BTW, our new App is with the Apple Store for audit right now so in a handful of days iOS users will have the world of bitcoin in the palm of their hand. Android users will have to wait a little longer but we are working on it. Spread the word!
In the meantime, Go bitcoin!
Rob @ BitScan