MatTheCat,
You should get on tradingview.com and use more indicators. Those rudimentary bitcoinwisdom lines can be misleading, using a pitchfork with a better angle gives you a clearer picture. Currently momentum on a daily chart has a downward slope and the CMF and RSI look a bit too moonish compared to the July 2013 bottom. Also, the heiken ashi daily candles look indecisive
Will be sure to check it out......I am becoming more and more aware of how blindly I have been trading. I have actually done quite well, but considering my entering the market right at November parabolic phase, I am surely lucky to still have the shirt on my back that I went in with considering my technical ignorance and the ocean of shockingly bad advice that dominates places like this, which I have put/wasted a lot of emotional energy into biting back at, which in turn negatively affects the trading mindset. One thing is for sure, if I had even the little knowledge that I now have, I would have made a shit ton more, even what I have learned in the past two days would have given me at least double on my last two large good trades (crash and post crash bounce) and have avoided many of my stupid little shitty impulse/impatience driven trades that tend to damage my profits. Knowing TA is vital to success, especially in a market filed to the brim with vast swathes of dumb money that is totally ignorant to TA.....(just as I was).
Regarding my 'call'. I will make it clear that off the two alternatives that I presented, I favour a correction down to mid $400s as an extreme as there was a shit ton of volume at that point. However, because of the mass of liquidity that I seen sucked out the market by the 10K whale at $580, I am of the opinion that if Bitcoin can get above this level and
confirm it as a support on strong volume, then that has to mean something...surely?
Also for the record, I don't think a new ATH is coming any time soon. If anything, I think we will be seeing a new low (lower than $400), but not any time soon, at least not 'soon' on a Bitcoin timescale.