Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
do timescales mean nothing to you? we made a higher high on the 1-day scale. not saying that this bullish price action is not significant, but since we've been making lower highs for the past 4 months, i'm pretty sure your statement is premature.
If this wasnt playing out exactly to my expectations, I might agree with you. never mind the chart, its the sentiment and fundamentals that are crying out reversal right now.
and on a large time scale, we have been diverging for many days.
longer time-scale indicators point to a downtrend that is gaining momentum. there is some divergence on the shorter time frames, but that is what bulltraps in a bear market look like.
take a look at the daily-scale CMF and MACD:
http://bitcoincharts.com/charts/bitstampUSD#rg150zigDailyztgSzm1g10zm2g25zxzi1gCMFzi2gMACDzvzl
only today's data point is diverging, and today's candle is still premature. so, again, we've got countertrend action, but only on the daily scale, sub-daily if we consider a possible retracement in the next 12 or so hours. i would close that long soon, if i were you. you've already made some nice profit on it.