As you can see the Stoch RSI is in oversold area, the Money Flow Index (MFI) looks like it's going up and the Coppock Curve is at a low momentum.All of these correlations don't mean that the price can't fall lower, but it can mean that there is soon room for growth from this low starting point. Interestingly we are at Fibonacci Time Zone 3 based on last Summer's uptrend which started at $63.
I will watch which direction we take from here. I hope we make a double bottom at $445 or $450 and go up from there in October.
It's starting to look like a bottom for Bitcoin, based on the original chart I published. The StochRSI is going up right where I drew the green uptrend area one month ago. And the MFI is also in better territory than before.
ChartArt
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--- Update 55 days later - November 1, 2014 ---
The StochRSI is still going up right where I drew the green uptrend area one month ago, but it could be a "fake out". MFI still looking somewhat ok, but is declining a tiny bit.
ChartArt
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--- Update 15 days later - October 1st, 2014 ---
According to my own chart here, we are still only at a bottom process. But if we don't find a stable bottom soon, I'm going to be even more bearish than I was before:
If we double bottom at 442 then we will definitely be below your Gann Fan line.
ChartArt
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Maybe my Gann Fan line wasn't the perfect angle. I only respect what indicators tell me, not some lines - even when I drew them myself.
But I agree that it we will in trouble if we stay for some time at $442 instead of only touching it briefly during a flash crash like last time.
MoonTrader
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I agree. I can't seem to keep up with how many times you've switched between bearish and bullish the last few weeks on here. ;)
ChartArt
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That is a mistake from my side. I should have created another second account to publish alternative ideas there and only post high probability charts here.
All these other bullish scenarios got much more upvotes. And for me to be neutral and with an open mind I published some more bullish charts, but so far there is no real reason to be bullish.
We almost had a bullish momentum a few days ago with the PayPal news, but we again missed to breakout. And now I'm bearish again until I see a stable bottom.
ChartArt
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I also made a more neutral chart where I gave Bitcoin a last chance (that was my thinking at that time):
"A new Bitcoin bull market - or the beginning of the end"
It's starting to look like a bottom for Bitcoin, based on the original chart I published. The StochRSI is going up right where I drew the green uptrend area one month ago. And the MFI is also in better territory than before.