I don't think you can purely use Technical Analysis to look at a bitcoin chart. (I do use it, but don't rely on it like a regular stock/currency) Bitcoin is very much a sentiment indicator and you have to consider that things like the Cypress banks failing into the equation. If more banks fail and money is taken from more holders (and that probably will happen) you will see something in the form of an exodus from centrally controlled fiat currencies into decentrally controlled (Stateless) Bitcoins. Yes, it is also a fiat currency, but based on trust.
Also, the naked shorting of gold (which has kept the gold price lower than it should be), stock market manipulation, housing crisis, bond bubble, etc. will probably start surfacing in the form of a further exodus from fiat currencies. I'm not saying bitcoin will be the answer, but it will be a sign of what is happening around us. Also, regardless of who is doing them, the DDOS attacks are playing a role. And, the continued media coverage will probable play a role as well - This is the part I do not understand very well, as any press is good press, especially if those DDOS attacks stop affecting the price.
Gold used to show us that, but the naked shorting and leasing of the gold reserves has detached the public from that connection.
Further, the volatility of Bitcoin, in a sense, is rather a reflection of the volatility in currencies. If currencies were stable (not being hyperinflated) and all was good, you just wouldn't see money flowing into Bitcoin like it has been. It is not a stock, it is not a currency, it is not a commodity - we are learning what it is (perhaps a combination of course, but also something more that we are finding out).
Things are just starting. When you have a current float of 11 or so million bitcoins, and those individual coins are each divisible into 100,000,000 bits, you CAN'T look at this like a regular currency or commodity.
Things are going to get very very interesting...
