RyNinDaCleM
Legendary
 Offline
Activity: 2408
Merit: 1009
Legen -wait for it- dary
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July 29, 2013, 11:05:19 AM |
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Divergence on the hourly is a typical way to confirm a local top or that a correction is coming. It works in most other markets, but since most Bitcoin 'traders' have a "TA doesn't work" OR "Who cares, I'm buying!" mentality. No one cares, and the divergence can go on for a while. That's part of the reason why there aren't periodic corrections. Bitcoin traders have too much emotion which leads to retarded bubbles and devastating bursts (reverse bubbles?). So I agree with the replies above mine that you need to use a longer chart period to find these divergences to make effective trading decisions.
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myself
Legendary
Offline
Activity: 938
Merit: 1000
chaos is fun...…damental :)
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July 29, 2013, 11:51:20 AM |
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Divergence on the hourly is a typical way to confirm a local top or that a correction is coming. It works in most other markets, but since most Bitcoin 'traders' have a "TA doesn't work" OR "Who cares, I'm buying!" mentality. No one cares, and the divergence can go on for a while. That's part of the reason why there aren't periodic corrections. Bitcoin traders have too much emotion which leads to retarded bubbles and devastating bursts (reverse bubbles?). So I agree with the replies above mine that you need to use a longer chart period to find these divergences to make effective trading decisions.
/witch hunt mode on BURN HIM ALIVE /witch hunt mode off |
Los desesperados publican que lo inventó el rey que rabió, porque todo son en el rabias y mas rabias, disgustos y mas disgustos, pezares y mas pezares; si el que compra algunas partidas vé que baxan, rabia de haver comprado; si suben, rabia de que no compró mas; si compra, suben, vende, gana y buelan aun á mas alto precio del que ha vendido; rabia de que vendió por menor precio: si no compra ni vende y ván subiendo, rabia de que haviendo tenido impulsos de comprar, no llegó á lograr los impulsos; si van baxando, rabia de que, haviendo tenido amagos de vender, no se resolvió á gozar los amagos; si le dan algun consejo y acierta, rabia de que no se lo dieron antes; si yerra, rabia de que se lo dieron; con que todo son inquietudes, todo arrepentimientos, tododelirios, luchando siempre lo insufrible con lo feliz, lo indomito con lo tranquilo y lo rabioso con lo deleytable.
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phoenix1
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July 29, 2013, 12:05:39 PM |
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Divergence on the hourly is a typical way to confirm a local top or that a correction is coming. It works in most other markets, but since most Bitcoin 'traders' have a "TA doesn't work" OR "Who cares, I'm buying!" mentality. No one cares, and the divergence can go on for a while. That's part of the reason why there aren't periodic corrections. Bitcoin traders have too much emotion which leads to retarded bubbles and devastating bursts (reverse bubbles?). So I agree with the replies above mine that you need to use a longer chart period to find these divergences to make effective trading decisions.
/witch hunt mode on BURN HIM ALIVE /witch hunt mode off Are we going to toss him onto the same fire that Blitz has been thrown onto by the angry mob ?  |
"Before you embark on a journey of revenge, dig two graves" - Confucius (China 551BC-479 BC)
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Tzupy
Legendary
Offline
Activity: 2128
Merit: 1074
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July 29, 2013, 12:17:04 PM |
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If during the next days the whale buyer (who seems to be resting today) will buy another 50k BTC up to 120$ (that's 28k + resistance),
the BTC for sale (in orders at least) on MtGox will drop below 40k, similar to the April bubble spike.
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Sometimes, if it looks too bullish, it's actually bearish
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derpinheimer
Legendary
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Activity: 896
Merit: 1000
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July 29, 2013, 02:02:16 PM |
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If during the next days the whale buyer (who seems to be resting today) will buy another 50k BTC up to 120$ (that's 28k + resistance),
the BTC for sale (in orders at least) on MtGox will drop below 40k, similar to the April bubble spike.
Math fail? 89k-28k=61k "resistance" obviously does not reduce coins on orderbook. |
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Tzupy
Legendary
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Activity: 2128
Merit: 1074
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July 29, 2013, 02:21:26 PM |
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Well, yes, math fail, but my thought process was different. This last 'whale buy' was accompanied later by several 'dolphin buys' that
moved the market up significantly after the whale buy (didn't happen before). I expect this to happen again and stronger after the next whale buy.
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Sometimes, if it looks too bullish, it's actually bearish
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lucif (OP)
Sr. Member
Offline
Activity: 462
Merit: 250
Clown prophet
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July 29, 2013, 02:24:19 PM |
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If during the next days the whale buyer (who seems to be resting today) will buy another 50k BTC up to 120$ (that's 28k + resistance),
the BTC for sale (in orders at least) on MtGox will drop below 40k, similar to the April bubble spike.
Walls never were support/resistance, man. |
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lucas.sev
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July 29, 2013, 02:27:22 PM |
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If during the next days the whale buyer (who seems to be resting today) will buy another 50k BTC up to 120$ (that's 28k + resistance),
the BTC for sale (in orders at least) on MtGox will drop below 40k, similar to the April bubble spike.
Walls never were support/resistance, man. So you think if the 4k wall @100 disappeared it would not affect price action? Disappeared, not sold into. |
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lucif (OP)
Sr. Member
Offline
Activity: 462
Merit: 250
Clown prophet
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July 29, 2013, 02:31:23 PM |
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So you think if the 4k wall @100 disappeared it would not affect price action? Disappeared, not sold into.
They never act as price support or resistance. |
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lucas.sev
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July 29, 2013, 02:32:12 PM |
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So you think if the 4k wall @100 disappeared it would not affect price action? Disappeared, not sold into.
They never act as price support or resistance. So your answer is that it would have no effect? I'm not being mean, just trying to understand your point of view. |
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lucif (OP)
Sr. Member
Offline
Activity: 462
Merit: 250
Clown prophet
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July 29, 2013, 02:34:32 PM |
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TA basics does not have such term as "bid/ask wall" at all. Support and resistance are: trend lines, moving averages, bollinger borders, price retracements, etc.
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humanitee
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July 29, 2013, 02:36:46 PM |
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^ Haha.
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lucas.sev
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July 29, 2013, 02:41:45 PM |
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TA basics does not have such term as "bid/ask wall" at all. Support and resistance are: trend lines, moving averages, bollinger borders, price retracements, etc.
so what is the answer?  |
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oda.krell
Legendary
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Activity: 1470
Merit: 1007
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July 29, 2013, 03:07:40 PM |
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TA basics does not have such term as "bid/ask wall" at all. Support and resistance are: trend lines, moving averages, bollinger borders, price retracements, etc.
so what is the answer? ??? That lucif takes a "fucking forget the order book" approach to TA :P |
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lucif (OP)
Sr. Member
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Activity: 462
Merit: 250
Clown prophet
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July 29, 2013, 03:07:57 PM |
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Walls are just consequence, not cause. So they don't affect price changes.
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lucif (OP)
Sr. Member
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Activity: 462
Merit: 250
Clown prophet
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July 29, 2013, 04:48:15 PM |
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Lohoris
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July 29, 2013, 05:02:06 PM |
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That is FUD, apparently. I suggest reading the whole thread here. |
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yayayo
Legendary
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Activity: 1806
Merit: 1024
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July 29, 2013, 06:23:45 PM |
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That is FUD, apparently. I suggest reading the whole thread here. Even if it were true... they could just bribe the right people and continue...  ya.ya.yo! |
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Frozenlock
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July 29, 2013, 06:27:06 PM |
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Yet another proof that price doesn't care about news.
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therealodog
Newbie
Offline
Activity: 33
Merit: 0
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July 30, 2013, 06:41:59 PM |
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Yet another proof that price doesn't care about news.
No I think it's just that nobody cares about Thailand |
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