He just will sell at $5 or higher.

there goes the Kuwaiti dinar  

On the hourly chart (the one S3052 was using) the price needs to close one hour above the channel. If it breaks above the channel and then falls back within the same time-period, it hasn't broken out. (So, in this case, there has been a break above the channel, as the time period - the hour - has ended with the closing price above the channel).

...at least, that's how I understand it. I hope S3052 will see me right if I'm wrong!

All I can comment on is what constitutes a break, but yes, that's my understanding of S3052's analysis.

Incidentally, it's not so much that the break above lasts more than hour - simply that when one time period ends the price is above it. The price could, say, go above the channel at 1 minute past the hour, then fall back below at 59 minutes past, and that wouldn't be a break. On the other hand, if the price went above at 59 minutes past - and remained there for >1 minute - then that would be a break. Again, this is just my understanding of technical analysis and I am by no means knowledgeable.

Prze_koles beat me to it, lol

the fundamentals are making the technicals worthless (worth less? )

This is kind of what I'm beginning to think is going on.  We've all just underestimated the exposure and the interest people have in bitcoin.  Interest may be increasing more than the community thought a few weeks ago, and, as a result, the population of buyers has increased sufficiently relative to the supply.  In which case, this isn't a speculative bubble.

+1 

We've gone super-exponential .... seller's strike continues, the question is at what price do the big seller's come out of the woodwork? Those guys have mined the first 2.5 million coins for example.

ah the mysterious first generation miners, are they over the moon with joy today? or are some of them on suicide watch after the recent rally's since they sold 500k BTC for a pencil...