What's interesting on the weekly scale is that MACD has only begun a cross and RSI hasn't reached overbought territory yet. With respect to RSI, I guess what's sort of odd about it is that on the same daily chart the RSI corresponds nicely to the weekly chart for the price increase beginning in January 2011 and the one beginning in April 2011. In those two cases both the weekly and daily charts show RSI overbought during the same timeframe. Or, they at least show RSI hitting 70 at very close to the same time (you can actually see that the weekly chart led by a tiny bit). But right now, though the daily chart says we've been overbought since December 19th, the weekly chart has yet move out of the 50s. I don't know what that means, if anything.
Your daily RSI means that relative to the last 14 days we are overbought.
Your weekly one means relative to the last 14 weeks we are neutral.
Your daily one covers the period starting with the christmas rally, your weekly one covers the market bottom.
So the recent rally makes things seem overbought, the market bottom makes it seem like we are about square again. IME RSI doesn't consistently have momentum. I've found can just as easily reverse as it can continue in a given direction.
I don't think it gives a clear signal. Daily says there should be a selloff, weekly says we could go either way. I think the biggest influencing factor would be how much leverage/margin there is in each direction on bitcoinica. I doubt we are going to find that out any time soon (at least not before it becomes apparent from the price action!).
