http://ibankbitcoins.com/sites/default/files/resize/users/user1/6-10-2014-chart-946x439.jpgYou can see clearly that we are in a flag right now. Breakout above 680, and I am looking to buy. Target is around 800usd/btc based on measured move. I like this setup because it has a predefined risk, reward is based on a likely hood of reaching 800btc. With a stop at 620 dollars, the defined risk is 60.
During this consolidation, you can clearly see volume tapering off. People are taking profits here, selling is light but surely buyers are not letting this thing slide. Again, I won't be interested if it collapsed here, only interested if it makes new high above 680. If you like more details on
technical analysis about bitcoin, you can follow me on my blog or twitter.
PS: I used bitcoinchart.com graph with bit-e data daily chart.
