Quote from: Pzi4nk on July 14, 2013, 11:30:03 AM

Quote from: Its About Sharing on July 14, 2013, 11:16:33 AM

I like my support/resistance lines on the body of the candles, not wicks. We are sitting below 2 resistance lines if that is the case. Interesting to think we might have broken out of a descending triangle, but down and now come back up to meet it.

Why use the body instead of the wick? The body just represents an arbitrary cutoff period, it's no more indicative of sentiment than any price along the wick.

Note the updated chart with the volume/price negative divergence. Was bearish for BTC until recently.

I disagree and know I'm in the minority, but when you have a long wick and a close, imo it shows that the price was pushed down to the body. To me that is significant. Yes, on the open it generally is just the prior days close (unless you have a gap up/down). The wick "just" shows the max or min movement but the body can (and often does) show an important price point (the close). Candlestick analysis in large part is about the bodies. e.g. - Small bodies and long wicks showing doji's (indecision, perhaps a reversal). It is often a toss up and even with great analysis, we are often wrong.

All in all, it is really not rocket science. But looking at BTC's candle chart, the bodies tell us tons of information as do the wicks and I'm not so sure we can say one is right and the other is wrong. Just staring at a price history one can make arguments for both.