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Bitcoin Rally: No End in Sight!

Last week, I posted about how low volume and falling buying pressure made me worry about a shift in momentum towards a possible reversal of this epic rally in the price of bitcoin. After the last couple days, it became clear that there is still significant momentum to this rally.

As we can see on Mt Gox, Bitstamp, and BTC-China, the price rallied 5-6% over the past day, after consolidating for 1.5 weeks following the sharp correction on October 22nd:

The price has generally made a small correction downward from the day’s high across the exchanges and settled down as we wait for the next big movement.

Fortunately, after selling at $197.xx (as discussed in my last post), I picked up a couple coins at $192.xx, then waited for a further dip. When I saw buying pressure bounce back up on Bitstamp and BTC-China, as well as BTC-E, where I trade, I re-entered a position of holding 100% bitcoins again. I got in at $198.xx, so between the two trades, I made a marginal profit—nothing to write home about.

Here is a look at the significantly improved bid support on Bitstamp:

This bid support can be seen to some extent across all the exchanges, indicating that there is a high demand to keep price up in the case of a short term correction downward. I’ve decided that it is simply too risky to trade bitcoins in the current market, risking being left behind on any violent move upward. I’m just holding from here on out! That’s not to say I won’t take any profits when the time feels right—but for now, I will hold.

I won’t put too much into this, but I was looking at the chart of price movement over the past year and noticed a few patterns. One of the patterns that jumped out during the September and October rise was a cup-and-handle:

We can see the U-shaped body (the “cup”)—the late April bounce forming the left side and the late August rise forming the right side—with the Silk Road crash completing the “handle.” After this, we see the expected bullish rise following the formation of the handle.

Well, here is what I saw when looking at an updated chart:

If the left side of the “cup” is formed by the $266 April high, and the right side is formed by the $233 October high—then we could be in for a roller coaster of a rally when the “handle” of this pattern completes. Like I said, I would take this with a grain of salt—I’m just having some fun with this—but I’m certainly not selling at a time like this! My bitcoins are safely tucked away in my wallets as I excitedly watch the upcoming price movements!

Anyway, that’s all for this update. Thanks for reading!


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