ItisCalvin
Short

Cute Little Gravestone Doji (Almost)

BITSTAMP:BTCUSD   Bitcoin / Dollar
389 6 0
Right now the market has been unable stay above 476 very well. There are many other indicators that are getting bearish as well.

The one thing I was noticing when the candle was about to close was that it was on the edge of shooting star and doji . It ended at a gravestone Doji (almost) which means it closed and opened around the low. What this suggests based upon the candles before it is that the buyers are exhausted. They are running out of steam, and that can be seen in the volume or lack there of it.

Stoch has come to a point of being overbought for a few hours. Add to that that on many other time frames that indicators are showing how overbought we are I'm thinking there may be some downward pressure ahead.
PSAR is going strong which may be why we are stuck on the balance between going nowhere and nowhere.
Forgot to mention ATR when publishing this, but it has peaked upon that Doji which means there is now a STOP in place for the uptrend.

There is a possibility to clip a little higher, but for now I'm more bearish . My target that I am aiming for is 462.3. I don't see us getting higher than 475 for the moment. Baesed on that it will take a few hours as everything sets up on the longer time frames. I did not like what I was seeing all the way up to the 4H charts. Bearish signals going off.
MoonTrader
2 years ago
That really big candle is the result of a single large buy of about 2k BTC on stamp.
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ItisCalvin MoonTrader
2 years ago
Interesting. So someone thought we'd go higher. In any case it all factors in.
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MoonTrader ItisCalvin
2 years ago
Indeed. I think this is just a temporary resting point while the bulls recharge right underneath the downward trend line.
+1 Reply
ChartArt
2 years ago
To me as of now it still looks like a very healthy and slow uptrend -- healthy because it is so slow.
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ItisCalvin ChartArt
2 years ago
Yeah, I underestimated how long this uptrend could last on the 4H chart. Still could go a clip or two higher. I'll wait this out for a few hours to see what unfolds.
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ChartArt ItisCalvin
2 years ago
There. I said it :P
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