4xForecaster
Long

BTCUSD - Chart Update | #bitcoin #litecoin #Forex #USD #Gold

BITSTAMP:BTCUSD   Bitcoin / Dollar
561 7 3
BTCUSD             - Chart Update | #bitcoin #litcoin #Forex #USD #Gold


Bullish strength remains intact despite some unwinding. A major technical event is unfolding at the moment, pitting RSI against price, whereby a POSITIVE (not Bullish ) Divergence is underway.

Albeit rarer, Positive Divergences offer the single most discreet technical signal of impending move. While this divergence remains incomplete at the moment, our outlook remains bullish .

Cheers,


David Alcindor | 4xQuad.com
Nice. Your hit ratio is good. I am long anyway, but what you have said about the Divergence makes sense. Looking forward to a strong move upwards.
Reply
@flibbr - Thank you. If you read up on the concept of positive/negative divergence (as opposed to bullish/bearish divergence), you will soon open up a brand new world.

According to the original author of RSI (Mr. Welles Wilder), negative divergences occur in sustained bullish trends (yes, bullish, not a typo). Inversely, bullish divergences will be seen one after the other in bearish trends (yes, here too, not a typo).

In contrast, positive/negative divergences are rarer technical phenomena that will point to the imminent direction of price.

This is a concept that is most often overlooked, and quite frankly ignored by most traders. Institutional educational outlets do not even touch on it for obvious reasons, since they teach from accounts where the trader opens position against these very institutional traders.

Worth looking it up ... Google it if you have time.

David
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flibbr PRO 4xForecaster
Cool thanks I will google :)
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Nice Doc!!! :-)
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Thank you @BBFX.
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ive learned more in 2 weeks on this than I did in a year on btce
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@ChrisMichael - I am very glad to hear, Chris Michael! Feel free to stick around, bring some friends and colleagues whom might benefit from TradingView.com. I am here as a volunteering Moderator. So, if you have any specific question on technical analysis, indicators, and what not, just ask. If I am not able to answer, I'll do my best to ask the right person to come to the rescue.

Cheers!


David Alcindor
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