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.
Fundamentals win, although I say chart is bullish. the bears have too much to lose, and they will. there is evidently too much buying pressure, not even the very confirmation of your worst fears can bring this market down as seen yesterday.
THE NOOBS HAVE SOLD!!