Quote from: rangedriver on May 06, 2015, 06:16:18 PM

Quote from: tyz on May 06, 2015, 05:47:35 PM

I am wondering if technical analysis is really working for Monero and crypto coins in common. Actually, trading with technical signals are only working because there are many people which follow such rules. Are there so much people trading cryptos that this could work? Huh

Quote from: ArticMine on May 06, 2015, 04:40:37 PM

Quote from: SkyValeey on May 06, 2015, 03:46:16 PM

12h bullish divergence. I'd say Monero at .0019-20 is very good buy for short/medium.

There are MACD bullish divergences regarding the recent 0.00189 low in all the charts between 1 day and 1 hour.

Pretty much all technical analysis is a kind of financial astrology, even in the Forex. So yea, when it works it does so because people are expecting it to work, they trade accordingly, and thus it becomes self fulfilling.

BTC has shown demonstrable genesis for TA, but altcoins not so much. With something like XMR, the trading base is currently far too small for any attempt at TA to be credible. It's mainly used as a propaganda tool, if anything.

Technical will never have a 100% accuracy, but now is a strong (I'd say 70-80%) chance for an uptrend at least to retest the resistance at 0.0028 for the following 3 reasons:
-the RSI was lower recently than it was at the 0.0009 price level
-RSI divergence
-the resistance at 0.0019, which now acts as support

Here is a nice 12 hour chart:
http://i62.tinypic.com/2w3vme8.png

(Since this is a speculation thread, don't blame be for any losses, also never invest more than you can afford to lose, consult your financial advisor, etc Grin

)