BTCE:BTCUSD   Bitcoin / Dollar
If the past RSI trend is of any indication of future movement, we should see Bitcoins moving up over the next few weeks.
It'll be a make or break over the next few days. Either we go back to $550 and bounce back strongly or we'll break above the RSI downtrend since 20th May 2014 and head towards $640 - $680.

Bulls need to march towards $600 level ASAP! Given the momentum right now, there's a high possibility that we may be able to move up.
Since December '12, every time we broke a long-term pitchfan line price then declined by 22% to 30% (8 times so far). If "we go back to $550", it'll break down the next line on the way there. Please tell me why it should be any different the 9th time?
+1 Reply
LastBattle HerSerenity
I still firmly believe that $550 level will be held even if we were to go down again right now.
However that's a worst case scenario with relatively low probability of happening.

Events that happened since December 12 was post-bubble, and huge corrections are expected. There are simply no negative news that'll pull it down to that level at the moment. Ecuador & Russia ban for real did not even hit the price by a percentage. Including China rumors (again) that we heard on June.
+1 Reply
HerSerenity LastBattle
As you already said, 'news' never really had a mentionable effect on price development beyond the short term (best example probably being Silkroad). That's why it's basically completely irrelevant whether there are no negative, no positive, positive or negative news; BTC is strong and going its own way. If it wasn't, never ever it could move in such a strict cyclic manner as it has been since the second bubble.

3 months of downtrend broken (via RSI !) Good time to go very very very long

+1 Reply
HerSerenity LastBattle
Jesus!! Anyone that reads this please do yourself a favour and wait 1 (one), just one hour before you go long. You'll see why.
+1 Reply
LastBattle HerSerenity
Oh course, its a good thing to hear different opinions to make better a better judgment :)
I'm a bull and you are probably a bear for now :P
+1 Reply
HerSerenity LastBattle
Excuse that outcry, here are my two big fat arguments:
(make sure to load new bars..)

Cyclic topology of current downtrend and a possible correction

Construction Kit Bitcoin: build your own crash (1w lookout)
Great chart!
Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News