We have broken below 600 again ever since we did so in late June. This time was more intense and stronger than ever as it looks like we will end the candle off staying this way. Support levels 590 (strongly tested), 586, 557 and 534 are all possible zones for a battle if we happen to fall lower. Good possibility we either do that or continue sideways unless we get some good news, or random jitter from investors.
I am going to be looking at the weekly chart today since it was ChartArt who pointed out how the long term indicators weren’t doing so great. In fact, they are not in the best of spots. Ultimate Oscillator has not once broken through. At this point, nothing is following previous bubble cycles with respect to the indicators. When they should have been into the overbought stage right now they are instead falling. There is no news or anything positive that would catalyst us. Contrary to popular belief, the cycles need something to kick start them off. Either speculation, like China during the last bubble, or maybe just 10,000 new investors to the Bitosphere.
Indicators
PSAR – Bearish at this point, but it is getting closer. This week’s sudden fall did not help it, though. Unless we see 660 prices here soon I just don’t see it switching to BUY.
UO – If you try to extrapolate anything from the next indicators they will tell you it is not time for bubble. It is still possible for us to see OB. However, without any good news, or some push above 660 I will expect it to remain in the general bull territory.
Stoch RSI + Stoch – In general are both in a downward swing. Going above 630 would really help it to go back on track into OB.
More on my blog as I look back upon this week www.allbitcointa.cu....view-july-20-26.html
I am going to be looking at the weekly chart today since it was ChartArt who pointed out how the long term indicators weren’t doing so great. In fact, they are not in the best of spots. Ultimate Oscillator has not once broken through. At this point, nothing is following previous bubble cycles with respect to the indicators. When they should have been into the overbought stage right now they are instead falling. There is no news or anything positive that would catalyst us. Contrary to popular belief, the cycles need something to kick start them off. Either speculation, like China during the last bubble, or maybe just 10,000 new investors to the Bitosphere.
Indicators
PSAR – Bearish at this point, but it is getting closer. This week’s sudden fall did not help it, though. Unless we see 660 prices here soon I just don’t see it switching to BUY.
UO – If you try to extrapolate anything from the next indicators they will tell you it is not time for bubble. It is still possible for us to see OB. However, without any good news, or some push above 660 I will expect it to remain in the general bull territory.
Stoch RSI + Stoch – In general are both in a downward swing. Going above 630 would really help it to go back on track into OB.
More on my blog as I look back upon this week www.allbitcointa.cu....view-july-20-26.html