Bears Just Don't Give Up

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
This chart is a disaster of colors and lines. Yet, it isn't too hard to read. There are your Fibonacci retracement lines which are good points to look at for your profit zones. Two Gann fans, I believe, are in here. The third may be on the outskirts of the chart. A pitchfork as well that is the same is my 2nd to last chart. In general, as long as we can remain above $260 we are still bullish for the long term trend. I am feeling that we could start turning around here soon. I just don't see that happening right now. October is going to be a slow month with some likely medium term up trends happening. November could be a really exciting month. Just let me peek at my Astrology chart and tarot cards. LOL. JK. My random target for the end of October: 680.

* PSAR – I don't like how it does not have a buy signal yet. Could mean we will be flat or go down even further. If we do head back up a buy signal looks like it would be short lived. If that is the case, be prepared for another leg down.
* Stoch – Since almost the beginning of July we have not yet once seen it go back into overbought territory. Showing how much the bears are really driving this market. If we did make it back up there at least once, then the bear trend would be in question.
* ATR – Each time it goes up, the price goes down. Meaning we are in a bear trend. When going down from the ATR peaks the price generally remains flat or continues slightly up. Showing how the bulls do not have the strength to make big moves right now.
Volume – The sell volume has been really high reinforcing that we are still in a bear trend.
Not much more but if interested blog post:
I agree with the downtrend target
Nice! I guess we are in the ballpark of where it may just go. Let's see if the bears will cooperate.
No1 ItisCalvin
Seems like Stamp doesnt want to wait for China to wake up, which could be a hint in the right direction :)
+1 Reply
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