This week, the price of bitcoin pushed up to reclaim lost highs at $466 from 2 weeks ago, despite a hoax unmasking of Bitcoin’s mysterious creator. Perhaps a systemic risk, as Satoshi’s coins represent 7% of available scarce supply. Now, the headlines and traders are bullish. As of writing this, price sits at $453.
As seen above on the 6 hour chart on Bitstamp, price has gradually advanced up towards $470, a resistance level that’s been tested multiple times over 2016. Once again, it pushed back on price, forcing a retracement down to $440. A double bottom on $440 level was a firm launch pad for another attempt at breaking higher. This time however, momentum failed at $466, forcing another sell off to $445.
The only positive from this week’s action is the series of higher and higher lows that have held up consistently since November 10th 2015, seen here above. They are part of a larger ascending triangle pattern, that is typically a bullish continuation. As