Bitcoin Forum

[disclaimer: this analysis only focuses on oscillators]

http://s17.postimage.org/54szgztf3/chart.png


RSI, Money Flow, and CCI have all been oversold recently.


-- RSI shows a strong uptrend.


-- Money Flow Index shows a slightly more complex pattern:

- since last overbought episode: downtrend, (2); correction; downtrend, (1); correction. for a total of 3 oversold episodes.

- the most recent correction is associated with recuperation from the recent crash through the resistance at $4.60

- since then there is a continuation pattern (read: descending triangle) which is almost ready to breakout.

- due to the 3 recent oversold episodes, the breakout is likely going to be bullish


-- CCI has peaked into overbought territory with the recent movement up to $4.80 for the first time since the recent 30 cent microbubble (shown in chart), having been majorly oversold the entire time since. this is a bull signal.


so, double ramp?

Wouldn't you want the rally to be successful (rather, unsustainable) so you can make more when you short?

You already went short?!

haha!! no comment  ;D

^ No, they do. Also they are not even rules.

arepo, is this the secret rocket thing again? ??? It didn’t work out so well the last five or ten times.

this has no relation to the 'secret rocket thing'. all of my analyses are objective and independent.

The last recent test above 4.90 showed weakness and sold off, let see if 4.90 holds and we go lower, problem with that is we are still oversold, I don't mind a new trading range before we go higher

Just keep duking it out... My bot has been dampening bot is making bank for me while I'm on spring break.

Something is for sure in the works.

We're still sitting right in the middle of oversold territory. I don't mind sitting here for a while though as I believe that the longer we sit here the more massive a breakout we'll see.

The longer we sit in a flat trading range, the more likely it is that we could break out to the downside, despite the oversold. There are a bunch of bots (and live traders) using Donchian channel breakouts - a steady bottom for 20 bars and a carefully placed good sized market sell, and we'll go down, likely to the support wall we see at $4.60. (however, if there is such a manipulator with that sizable sell, I suspect they're still looking for the upside profits from using that trick the other day!)

The Interest Rates page at bitcoinica suggests a good deal of short interest, but I've noticed that fluctuating pretty rapidly today.

However, by my count, there's probably one more wave to the upside on the H4 chart, with the MACD & RSI both suggesting the same. I'm pretty bullish to the upper resistance at around $4.90ish. While I'd like to see it break out there, which would suggest upside potential of $5.40 or so, I'm not gonna hold my breath waiting for it :)

Once that wave occurs, and corrects, we'll have to see where the price really takes us. I wouldn't mind seeing a nice 30-40 cent range $4.55-$4.95 or so - it's damn near impossible to do anything on the shorter Timeframe charts with bitcoinica's spread.

disagree. the massive support is allowing a ton of selling pressure to be relieved without affecting the price much. pretty soon the only thing left to do will be buy buy buy. dare i say -- is everyone ready for the rocket?

i was born ready!

i will not sell below 8$... then i will buy back quickly at 6.40 for the real rocket  ;)

lol

I didn't go 10:1 just to gamble. Prepare for quite a huge spike.

selling pressure keeps getting relieved and coming back. The H4 chart suggests the little rally may run out of gas soon. H1 chart makes me think it's over already. I still expect we have to go down some to go up, but up is the way.

Based on what...your reckless long position? It sure sounds like gambling.

Furthermore, why are you flaunting your long position like this? You can only hurt yourself by posting this type of information here

+1

Check yourself before you wreck yourself ;)

I heard somewhere "it's very bad for your health!"

He's taunting the big fish, cuz in reality he's short, and he need help to bring that wall down.

Word.

so back to before the thread got hijacked... everyone keeping an eye on the price? since the OP, the RSI consolidated into a descending triangle with the recent price movement to $4.90 appearing like a bullish breakout. still have yet to see overbought on the RSI, which is very good. we have much further up to go.

MFI also consolidating since the OP with a bullish breakout, no red red overbought yet. all of these things are perfectly in line with my prediction, as well as very bullish indicators. I'm already sitting on 1/3% returns on a very highly leveraged position, i hope you guys heeded my advice and are doing as well if not better.

lastly, CCI peaked a second time into overbought but still is unbalanced due to some extreme oversold incidents during the drop from $5.30 to $4.40.

the rocket ain't so secret anymore

the ask side is just withering away.  pathetic.

remember the asks when we jumped $5 new years? looked very much like this. and we just saw another bullish breakout. new highs at $4.94. let's get this rocket off the ground!