Boxes of Trends
What I have generally been noticing on the price ticker on my phone is the lack of any big downtrends on the long term trends. For instance, the previous high we made this month happens to have made it all the way up a big chuck of the way. Not characteristic of what we had been in previously (blue box). So, for the moment it is a giant stability period. An equilibrium if you will; not too high (411) not too low (312).
On the frontier, quantitative easing (QE) has ended which may or may not be a good thing for Bitcoin. We will see within the coming weeks and months how we react to that.
Sentiment wise it has actually been much more silent than usual. I use it as a gauge to determine the volume without looking at the charts. It had been more exciting than this earlier. However, things have been calming down since then. In any case, it has gotten a bit too quiet for my comfort. Yet, I just don’t care that much. Buy in, wait, & sell. Sounds like a plan to me.
Indicators
• RSI – Classic RSI, telling me we have gotten just above the turbulent zone for now. I’d like to say it is showing a bullish divergence, but the price was much lower at the time of that low. So, it is inconclusive at the moment.
• ATR – It is looking semi promising to say the least. I have noticed how instead of going up when the price goes down that it now is going up when the price sort of goes up. What this means to mean is that we are in uncertain times. We have all the people who think there is going to be some news that will blast us off and others who think we will just follow the trend.
• PSAR – Has yet to change to a buy signal. Meaning there is a bit more left to this trend or else the price will just continue sideways and PSAR will switch. Either way there is nothing for sure saying we will go up.
Overall, I would say we continue to clip a little bit further down if we have any more push left on the sell side. There is a bit of wiggle room, and I would either like to see my other set of indicators start heading back up or bottom. So close to getter near zero. Lots of potential to the upside and not so much for the down.
Targets
Bull Target: $360
Bear: 318
Extreme Bull: 376
Bloody Bear: 303
On a side note, I find it funny that no one has used stability tag.
On the frontier, quantitative easing (QE) has ended which may or may not be a good thing for Bitcoin. We will see within the coming weeks and months how we react to that.
Sentiment wise it has actually been much more silent than usual. I use it as a gauge to determine the volume without looking at the charts. It had been more exciting than this earlier. However, things have been calming down since then. In any case, it has gotten a bit too quiet for my comfort. Yet, I just don’t care that much. Buy in, wait, & sell. Sounds like a plan to me.
Indicators
• RSI – Classic RSI, telling me we have gotten just above the turbulent zone for now. I’d like to say it is showing a bullish divergence, but the price was much lower at the time of that low. So, it is inconclusive at the moment.
• ATR – It is looking semi promising to say the least. I have noticed how instead of going up when the price goes down that it now is going up when the price sort of goes up. What this means to mean is that we are in uncertain times. We have all the people who think there is going to be some news that will blast us off and others who think we will just follow the trend.
• PSAR – Has yet to change to a buy signal. Meaning there is a bit more left to this trend or else the price will just continue sideways and PSAR will switch. Either way there is nothing for sure saying we will go up.
Overall, I would say we continue to clip a little bit further down if we have any more push left on the sell side. There is a bit of wiggle room, and I would either like to see my other set of indicators start heading back up or bottom. So close to getter near zero. Lots of potential to the upside and not so much for the down.
Targets
Bull Target: $360
Bear: 318
Extreme Bull: 376
Bloody Bear: 303
On a side note, I find it funny that no one has used stability tag.
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