Now looking at this chart it is quite interesting. So, basically what we had in May is what I’d like to call a technical rally. Meaning there were only technical indicators and trends that were broken. The sentiment had been rather pessimistic and that is when I had bought in myself around ~450. The TA was all positive, yet there was nothing besides that driving it. There wasn’t A) good news B) big influx of new investors C) rumors or D) sudden economic meltdowns. To sum it up, there just wasn’t anything besides good TA that drove us up. We couldn’t continue on when everyone was putting on their space helmets. When the sentiment becomes like that it is best to get out unless you see one of those 4. If there had been some much stronger sentiment and good signs we may have gone higher, but it was too little too late.
The final thing I’ll quickly touch upon is the similarity in price between April 2013 and today’s rally of 450 to 680. They have the exact same height, based upon price, as the April 2013 bubble. This is unusual since we have been so use to extreme logarithmic rallies. We cannot rule out the possibility that this was not a rally. 240 price rises are big enough to look at, even in Bitcoin terms. So does this mean we will not see a bubble for a long time? I am not certain on that, but I do think we won’t be seeing 1000+ in the next month.
• StochRSI – Has been oversold during this entire time. It is just now going up higher into buy territory. I don’t think it will be able to even reach neutral at this point, so it is still a bear market.
• – Some of the highest volumes since the initial rally in May. What we need now is a stop in all the and see where that takes us.
• – has had some interesting patterns over the course of this period. If you look at the ones I colored you can see how similar they are. So does this mean we are going sideways? I cannot fully answer that and this time it will be much different. remaining below 0 is not a good sign for the moon watchers.
• DC – Currently has support of 442 and a high of 607. Telling me that there is room to go back up still. Unless the markets start to cool down in which case DC channels will start to close the gap even further.
Bull Target: $535
Interested in more? Check out my blog post: http://www.allbitcointa.cu.cc/2014/08/where-is-our-next-catalyst.html
People need a way to dumbly transfer Bitcoin. I've been around some not that much older people and teaching them anything on the computer can be a struggle. I guess we don't need everyone to be on board at once. The older generation will be the laggards. They don't need to make massive profits. They have their social security and $100k retirement accounts.