Re: Wall Observer - MtGoxUSD wall movement tracker - Hardcore
These negative divergences against rises in price have been VERY VERY accurate indicators of moves down:
We have the longest one yet. I'd say the price is really wanting to adjust down but those huge buys with walls changed a bit of the natural movement.
Will be interesting to see what happens.
It looks to me like the day traders are moving the price about in the short term, but the swing traders are sitting on the side lines waiting for a stronger signal.
We have the price bobbing about within a short range, complete with some big 'show' orders, but nothing has really moved much for 48 hours or so.
What will the stronger signal be? Well, I'm standing by my previous position still - sold at 75 (Bitstamp) and plan to buy back in the 60s (say, 66). I still can't see the enthusiasm for a strong upward move at this time, although some bigger movements will come sooner or later.
I pretty much agree with your sentiment regarding the recent price move, in particular the swing traders waiting.
I am pretty sure we have been "manipulated" up a bit in the last few days, even with the oversold indicators on high. Those few large buy orders really changed the feeling.
I'm thinking a return to the 60's and then a bounce up and then a move to the 50's. Once we are there is anyones guess.