Running of the Bulls
The resistance at 95 turned out to be exactly the catalyst we expected it to be. The Mt. Gox DDoS slowed volume and delayed the break-out, but as we noted yesterday via twitter while it was happening, there were still strong signs of bullish sentiment. Contrary to prior DDoS attacks, the market remained largely unfazed and used the opportunity to take a breather from the aggressive swings that have characterized the last few days. The 95 level quickly turned into support, further confirming the market was prepared for a breakout.
Bitcoin looks to have put in a solid double bottom over the last week and has repeatedly pushed through upwards resistance. Looking at the 4-hour chart, the 7-period EMA proved to be a strong resistance during the latest downward trend, but we’ve now broken through it and are now printing above it consistently. There was also a bullish crossover of the EMAs yesterday indicating a change in sentiment.
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