Seven Month Trading Range Broken
After trading in a relatively tight, less volatile, trading range the price of the bitcoin is breaking out under massive volume Today. Trading between $178 and $297 since early January 2015 the bitcoin is breaking through currently trading at $311 on volume that is more than two times higher than what was seen in the aforementioned trading range, and is at an all time high.
Trust in the security of sovereign currencies and economies is being questioned, not only in Greece, but now in China and Europe. Despite reassurances from global Governments, both investors and households are acting in their self interest; apparently not buying the rhetoric instead reading the writing on the wall.
From a technical perspective the next point of solid resistance is at $421, representing a potential 30% increase. Trading range breakouts with high volume are considered as strong buy signals by many technical investors. Strong buying interest was evident earlier in the week as volume spike high each day, however it wasn’t until today that the price breakout occurred.
