Watching the TA I was recently not able to see why the price was going up. Just like many others I was on the bearish side.
Even seeing yesterday that on the bitfinex orderbook 4400 support was cleaned up and suddenly filled back with 300+ buy orders.
That is bitfinex and the publicly available orderbooks are not trustful anyway.
TA can easily become a bias.
For example
+ While the RSI comes into the overbought area the price keeps moving up.
+ MACD shows divergence and that does not forecast as it should be.
I needed to look back to the fundamentals, "funda-mentals" how funny.
+ What is the motivation of the buyer?
+ What are the cyclical driving forces that coincidence the buyers behave?
Therefore I've studied price-volume relation of the recent trend.
All notes are on the chart.
It was helpful for me to understand the world-wide spread movement.
Just like I felt I was part of the bitcoin subculture while I was discussing it in 2011 on forums.
It feels like I am back on the track and the prices going to see more HH.
My old Logarithmic regression calculation is showing the next high hit is 10781.
My crystal ball or gut feeling is still more reserved and predicting 4956 for the end of the year price.
Even seeing yesterday that on the bitfinex orderbook 4400 support was cleaned up and suddenly filled back with 300+ buy orders.
That is bitfinex and the publicly available orderbooks are not trustful anyway.
TA can easily become a bias.
For example
+ While the RSI comes into the overbought area the price keeps moving up.
+ MACD shows divergence and that does not forecast as it should be.
I needed to look back to the fundamentals, "funda-mentals" how funny.
+ What is the motivation of the buyer?
+ What are the cyclical driving forces that coincidence the buyers behave?
Therefore I've studied price-volume relation of the recent trend.
All notes are on the chart.
It was helpful for me to understand the world-wide spread movement.
Just like I felt I was part of the bitcoin subculture while I was discussing it in 2011 on forums.
It feels like I am back on the track and the prices going to see more HH.
My old Logarithmic regression calculation is showing the next high hit is 10781.
My crystal ball or gut feeling is still more reserved and predicting 4956 for the end of the year price.
Trade closed manually