Bitcoin: Selling exhuastion

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
3798 12 10
Here I write my reasons why I think atm we are at a long term low risk entry point. By long term of course i mean 3-9 months as that is "long" in bitcoin             space. We have seen an exhaustion of seeling here are some technicals

1. Buy cry die set up. AT "BUY" labeled in chart you see buyers trying to "time" a bottom and thus you see a quick rebound. Next up you see Cry, that is where a new low is made because all the speculative buyers trying to time bottom were exhuasted, in this case the buyers at "BUY" are crying. A short while later a new low is made, and the buyers who bought at BUY, affectionately "Die" Or rather throw in the towel as they think selling will accelrate. Notice how no Lows other than BUY had quick, momentuous, high volume rebounds: Noone was trying to time those bottoms.
All the people trying to time bottom at BUY end up making the "real" bottom at die. Of course I dont know if this is the bottom.

2. RSI divergence is strong, new lows are coming with less strength.

3. Price will have a hard time going below or around the price of initial bubble dump (in this case 380) . continues to be out of wack. in fact the lower we go the more out of wack it appears. In some cases i actually see total bids incrase as we go lower. This is the most depth for a +/- 50 dollar price range I've ever seen in bitcoin             .

1. Bitcoin             is all speculative still so fundamentals barely matter, but here are some points
2. we are getting closer to april 15th and major exchanges in china have still to receive anything and are operating as normal.

3. Concerns appear to be about third party payment processors

4. situation still unclear, but potentially priced in. This could be a silk road style situation at this point, where any super selloff could see buyers come in

5. Bitcoin             investments continue and the regulatory front is getting clearer by the day.

Overall This is a very strong buy signal for me. I would encourage risk-seeking investors to consider taking a stance here for maximum upside/downside ratio. For those who are more conservative, look at my last chart and wait for established uptrend w/ a close over 10dma.
Everyone here is bull, therefore, I am bear =)
LazyBear PRO liquid-illusions
lazy "bear"...*cough* *cough* ;)
+1 Reply
HosseinMansouri HosseinMansouri

BTCE showing this too

(People in the bitcoin talks chat have prob seen this already)
+1 Reply
flibbr PRO LazyBear
Just another good reason imo. Like this one.
This is day chart showing divergence. I merged in the oscillator with the price to show the famous "btce spike" is not included in the divergence.

+1 Reply
Don't underestimate the downward force when the RSI trend line breaks down
That is a HELL OF ALOT of divergence building there...
One thing I'd like to add.. is that although daily willy is not quite so stupidly oversold... 12 hour willy is.. the last time it was this stupidly oversold was at $50 on the last crash before take off.... see here
+1 Reply
Wow, that's a huge divergence. No idea how I missed such a strong one, I look almost everywhere. That being said, the RSI is having a lot of trouble breaking the 60% resistance... it's possible it's played out already. I will keep on eye on it though.
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