Bitcoin: Technicals 10 August 2017

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Although the conventional financial markets have reheated themselves to some extent thanks to Kim Jong-un, there is no way of hiding the dire state of the volatility here, courtesy of central banks and regulators destroying their proper function.

Hopefully, it will all end in tears for the pen pushers. In the meantime it will be the case that most traders might be happy to send thank you email to Mr Jong-un for shaking things up a bit. As long as things do not turn nuclear, thing should be more entertaining as far as indices, currencies and commodities are concerned.

However, such considerations are not in mind for Bitcoin, unfettered by the technocrats, which has been not only in an epic rally, but provided a decent amount of thrills and spills as well.

Bitcoin Daily Chart

What can currently be seen on the daily chart is the way that we have been in a rising trend channel, one which can be drawn in from as long ago as February. The resistance line projection is pointing at a $4,200 target, one which should be hit as soon as the next 1-2 months. Those close to the market will note how the initial August resistance at $3,334 has already come in as support. Especially while above this one would be looking to new gains. Even if this market is not as sharp as it seems, then at least while above the 10 day moving average now at $3,057 one would be looking to further significant gains.

Zak Mir is Co Founder, technical analyst, author, broadcaster and financial markets commentator.

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