Re: Wall Observer - MtGoxUSD wall movement tracker - Hardcore
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. Updated - And look at the negative volume divergences (2) with an up price. That had been a good reversal indicator, but not lately. Also, topping out on RSI.
That's an interesting chart. $100 is definitely a key battle ground and it has psychological meaning.
The last bear run broke $100 after the first two tests (May and June) held. Previous support levels often become new levels of resistance.
Compound with the highs getting gradually lower (about 155, 135, 115), with this final high barely breaking $100 and it paints an interesting picture.
Unless something big happens in the coming week to vault us cleanly over $100, I suspect breaching $100 again for any extended period will be unlikely for quite some time.
Yeah, $100 is a really key level and as you said, for more than one reason. We have had lower highs and lower lows since April/May and if we reverse this up movement below 110, then we will again have a lower high, and what about that lower low following?
People that were waiting below (me included) were a bit taken back by the Huge buyer that stopped the fall and basically walked BTC up to where it is now (at least in large part). But, as many TA guys will say, "market manipulation" only delays the inevitable (unless of course some huge great news comes...