Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[N12]

What I mean is, the market is oversold. There's only a limited amount that can be sold, unless there is extreme pessimistic pressure. Eventually enough of it will go into long term hoarding/investing that the market will have no choice but to rise. Usually this is kind of market is marked by slow gradual falls that is very lethargic.

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[Abandon]

What I mean is, the market is oversold. There's only a limited amount that can be sold without rising. Eventually enough of it will go into long term hoarding/investing that the market will have no choice but to rise.

Uh?
What about "There's only a limited amount that can bought without falling"?

There is no shortage of coins.
When the price is going up, the supply seems to go dry...
But when the price is going down, a seemingly endless stream of coins can hit the exchanges.

It goes both ways, of course. Right now we're oversold. If we were overbought, it will be the other way around.

[ft73]

(...) that's why we're having this brain dead market that should be rising, but instead it is fighting against this insanity. The market doesn't want to go down, but it might, because of the people who believe it will.

 

LOL.... somehow the market has a different opinion than the market.

What I mean is, the market is oversold. There's only a limited amount that can be sold without a market rising, unless there is extreme pessimistic pressure. Eventually enough of it will go into long term hoarding/investing that the market will have no choice but to rise.

Yes, market is oversold. Also selling pressure today was not strong enough to bend price under 100$ and that's interesting.
As we lacked volume up, now we're now lacking volume down - MtGox hyatus sure played a role here.

Still we're on the edge, let's see what's happening tomorrow, in the meantime we may eventually reach 105$ again.

[N12]

Oversold and overbought only applies in a ranging market as trend reversals. When in a trending market, moving into overbought/oversold is to be regarded as the confirmation, and leaving it as a possible trend reversal.

Check it out:

[notme]

Oversold and overbought only applies in a ranging market as trend reversals. When in a trending market, moving into overbought/oversold is to be regarded as the confirmation, and leaving it as a possible trend reversal.

Check it out:

]http://bitcoincharts.com/charts/chart.png?width=940&m=mtgoxUSD&SubmitButton=Draw&r=90&i=&c=1&s=2012-12-01&e=2013-05-01&Prev=&Next=&t=S&b=&a1=&m1=20&a2=&m2=10&x=1&i1=RSI&i2=&i3=&i4=&v=0&cv=0&ps=0&l=0&p=0&

This.  Also, overbought and oversold are dependent on the time frame you are discussing.  As you can see above, on the daily scale we are nowhere near oversold.

[ft73]

This.  Also, overbought and oversold are dependent on the time frame you are discussing.  As you can see above, on the daily scale we are nowhere near oversold.

Yes, it depends on timeframe.
Personally i don't use daily timeframe, because does not fit my appetite, which is somewhat shorter sighted .

[Abandon]

Oversold and overbought only applies in a ranging market as trend reversals. When in a trending market, moving into overbought/oversold is to be regarded as the confirmation, and leaving it as a possible trend reversal.

Check it out:

]http://bitcoincharts.com/charts/chart.png?width=940&m=mtgoxUSD&SubmitButton=Draw&r=90&i=&c=1&s=2012-12-01&e=2013-05-01&Prev=&Next=&t=S&b=&a1=&m1=20&a2=&m2=10&x=1&i1=RSI&i2=&i3=&i4=&v=0&cv=0&ps=0&l=0&p=0&

This.  Also, overbought and oversold are dependent on the time frame you are discussing.  As you can see above, on the daily scale we are nowhere near oversold.

That's what I'm referring to. Indicators are only used to see if a market might be oversold or not. Try looking at the Accumulation / Distribution of 2013 in comparison to 2011 to get an idea of the big picture.

[ElectricMucus]

Come on gox move!

[notme]

Oversold and overbought only applies in a ranging market as trend reversals. When in a trending market, moving into overbought/oversold is to be regarded as the confirmation, and leaving it as a possible trend reversal.

Check it out:

]http://bitcoincharts.com/charts/chart.png?width=940&m=mtgoxUSD&SubmitButton=Draw&r=90&i=&c=1&s=2012-12-01&e=2013-05-01&Prev=&Next=&t=S&b=&a1=&m1=20&a2=&m2=10&x=1&i1=RSI&i2=&i3=&i4=&v=0&cv=0&ps=0&l=0&p=0&

This.  Also, overbought and oversold are dependent on the time frame you are discussing.  As you can see above, on the daily scale we are nowhere near oversold.

That's what I'm referring to. Indicators are only used to see if a market might be oversold or not. Try looking at the Accumulation / Distribution of 2013 in comparison to 2011 to get an idea of the big picture.

I don't get it.  You're telling me to look at the big picture while screaming the market is oversold based on some short term wiggles.  Longer term we are nowhere near oversold.

[Abandon]

Oversold:

[derpinheimer]

Its weird, those oversold/overbought indicators almost always seem to work? Is it just because people follow them - or is there actually something significant behind them?

I mean, it didnt scream overbought on the way up to 260, but it did "predict" a few of the [very]-short term spikes down... as well as up.

[Abandon]

Its weird, those oversold/overbought indicators almost always seem to work? Is it just because people follow them - or is there actually something significant behind them?

I mean, it didnt scream overbought on the way up to 260, but it did "predict" a few of the [very]-short term spikes down... as well as up.

There's a lot of different ways to read each one of the indicators, and they all pretty much measure different things in different ways. They are slightly lagging indicators, so they can change their mind at the last moment, as with moving average lines. And they have the potential to stay oversold/overbought for a long time, or become even more oversold/overbought without much difficulty. Or they can quickly go from oversold to overbought without much difference in the price.

Yet there's a lot of things to look out for in these indicators, such as for example Hidden Divergences on the Fisher indicator: www.babypips.com/school/hidden-divergence.html

[ChartBuddy]

[barbs]

anyone else see that 400 coin dump after the small 102 wall went up? wtf

[ChartBuddy]

[Frozenlock]

anyone else see that 400 coin dump after the small 102 wall went up? wtf

Really?

We are now at the point where we talk about 400 BTC transactions? 

[fr33d0miz3r]

There is a 0.01 BTC dump right now 

[ChartBuddy]

[420]

5k to under $100

[adamstgBit]

wait for it... wait for it...