Do that same RSI on the June bubble. 
Here's the whole year: http://bitcoincharts.com/charts/mtgoxUSD#rg360ztgSzm1g10zm2g25zxzi1gRSIzv
I think that back-fired just now, lol.
BTW, whatever that thing calculates, the result looks just like "lol I took the first derivative of the logarithm and did some magic re-scaling." I don't think this can predict the future.
Here's the whole year: http://bitcoincharts.com/charts/mtgoxUSD#rg360ztgSzm1g10zm2g25zxzi1gRSIzv
I think that back-fired just now, lol.
BTW, whatever that thing calculates, the result looks just like "lol I took the first derivative of the logarithm and did some magic re-scaling." I don't think this can predict the future.
dude. it predicted the correction we just had. because it was, in fact, a correction. contrary to 'melting bid walls' (the thread wherein i posted the below prediction) and any knives gravitating towards the earth, the correction was overdue and the uptrend will now continue. all indicators (chart voodoo, the most powerful magic known to man) remain bullish, the RSI is back out of 'overbought'. as i type this, BTC reaches a new short-term high since the sell-off of $6.65.
four hours after the correction, i posted this:
I smell mania. That's a down-signal for me, because it only pays for bids until things go sideways for the first time.
We had almost 2 months of rallies. A step down wouldn't hurt. Another instant rally would take us back into bubble territory, and what's the point of that? Everybody has made this experience by now, it's unlikely to repeat itself.
We had almost 2 months of rallies. A step down wouldn't hurt. Another instant rally would take us back into bubble territory, and what's the point of that? Everybody has made this experience by now, it's unlikely to repeat itself.
this is so silly. the indicators were all bullish. we had an ascending triangle, bouncing off of the wall at $7.20 for days. nothing happened due to low weekend volume, one guy got spooked and dumped coins down to sub $6.90, which started panic sells and more giant dumps. Sure, we needed a correction but we could have gotten over the resistance at $7.20 and sailed to the next level before this happened easily. Notice how the cheap coins were gobbled up instantly? We won't see prices <$6.00, we're on our way up, and since the correction happened early I wouldn't be surprised if we sail to $10 before another major correction.
and yes, the chart voodoo imparted this knowledge upon me.