Edit: Not doubting you, just curious.
• Bitcoin's been rallying for weeks. Upside momentum is now exhausted, at least for a while till it corrects a bit. (
See my post in the Wall Observer thread)
• Dash shorts are stretched to breaking point as far as I can see. It's been a fairly straight line from 0.018 to 0.01. Time for a squeeze and it co-incides perfectly with Bitcoin bouncing off the $750+ levels and exhausting its current momentum
• Dash long range volume charts are all starting to converge on their medians again after stabilising. Thats a strong tide indicator and it would be very difficult for shorts to push down any further against that IMO
• RSI is well onto the oversold boundary zone on some ranges and below the neutral line on all of them, Meanwhile it's started rising on the 4-hour which is a good medium term range
• Nodecount is back at an all-time high. There's even less liquidity in the
trading (blue) sector of the coin supply than there was when the last rally took off. It also indicates the strong baseline demand thats lasted nearly 2 years is continuing unabated
• Liquidity is slowly starting to spew out from other coins. Ether exploded and whales are waiting patiently for that 4-Hour chart to reach a point of maximum liquidity to enable some of their funds to escape. Several other alts pumped early in anticipation of a bitcoin correction and went off half cocked, such as morono. They are now coming down off their pumps so there's lots of capital looking for gain somewhere. Dash is now near a fairly strong support level after falling almost non-stop during the bitcoin rally
Want more reasons ? I'm sure I could think of some....oh yeah, I bought back the 180 Dash shot I dumped @ 0.017 cos Tim Cook didn't announce the Macbook Pros at WWDC
EDIT: Oops ! My Wall Observer post got deleted. Must'v been too bearish for them. Here it is:
Here's some more data - the volume indicators I referred to above and the Relative Strength (RSI).
If you want better confirmation then wait a few days to a week for those longer range ones to catch up with the moving averages. Also monitor the Bitcoin/$USD market to check it doesn't take off again, though I don't see that happening for a while. Think we might get a pause. (Though anything can of course happen).
Here's some more data - momentum (Moving Average Convergance-Divergeance) this time.
They're generally flat right out to the 6-hour which has started lifting off slightly. The 1-day (which can take weeks to complete a correction cycle) appears to be nearing the end of its current bearish phase.
(Beware - it can always take a double dip though).
Looking at that I might be a tad early on anticipating an upswing. On the other hand, we might get the start of some indications of a trend reversal if Bitcoin really digs into a solid correction.
Trade with care
