HosseinMansouri
Long

Retracement Final Point is Near

MTGOX:BTCUSD   Bitcoin / U.S. Dollar
272 4 1
We are Near Mean Line of BB, SMA (50) and EMA (34), Also at Verge of Breaking the Trend Line , Breaking and Holding Above These will Officially End the Current Retracement of Primary Uptrend
Gox didn't make a LL on your 5, so these are not divergences. There is hidden bullish divergence in the MACD where the price made a HL and the MACD made a LL, and I do agree that we could have seen a truncated 5th, though
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RyNinDaCleM RyNinDaCleM
It could also be a drawn out consolidation before a true 5th...
But since many Bitcoin traders tend to believe that sideways means UP, down means UP and up means UP MORE, We probably go UP
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HosseinMansouri RyNinDaCleM
yes it could but if you ask me we have to see what comes up after 5th then it can be decided to call it sideway or not because the downtrend is ended (imo) not much long ago
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HosseinMansouri RyNinDaCleM
Thank you for your good comment, I Agree, but as you already know it yourself divergences signal running of out power and even in this situation despite the lack of exact divergence formation (it has double bottom instead) it shows weakness to more downside and that 5th you mentioned confirms it too.
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