bwy

bwy

Bitcoin has smashed back into the new "downtrend line" from ATH. This 3 day uptrend is a solid trend continuation of the previous 3 day uptrend after a nice correction down to the $360 area. At this point the uptrend has serious momentum just starting. ADX has turned up, CCI is just above 100, and MACD histogram is accelerating into positive territory while the...

bwy Updated 

The monthly chart has signaled a resumption of the previous massive monthly uptrend that took BTC/USD from $5 to over $1000. The ADX (the blue line on the DMI), which is a measurement of trend strength or momentum, is the main indicator I'm concentrating on with this post. Currently the ADX has switched back into rising mode which shows trend strength increasing...

bwy

The uptrend on the daily is progressing nicely. Volatility is still relatively low, which is a great sign for a strong trend. This is shown by the ATR indicator which is the 10 period ATR versus the 200 period ATR. RSI is inching close to 70 which is likely to go above 70 for that final push we need to break above $305. The price has formed an ascending...

bwy

Finally there's another really good opportunity for bitcoin to breakout of the downtrend here (last one was in November). I should have posted this chart earlier as my daily breakout was at 232 a few days ago, but I think this is still likely to go higher and still relevant for the larger time frames. A key indication is the downtrend is forming an ascending...

bwy

I believe the bear market is finally over. Looking for a decent upside move with caution that $450 presents potential serious resistance. MACD is back in bull territory above the 0 line, with momentum building up. ADX is currently in strong trend territory. RSI pushing up back above 50. CCI moving back into positive territory as well. The weekly chart is also...

bwy

I think bulls are seeing a large pennant, thinking that $470 will provide support along the lower trend line of the pennant. There is a possibility it might too. I'm inclined to think that it will not hold though. If this is a pennant, there is very little time and range to play around in, so it should break soon. The indicators that I use are all showing this...

bwy

This weekly chart is what I'm using to maintain my short position. Obviously the shorter term signals like the 1D or less are more valuable for spotting reversals, but I'm using this chart to confirm my belief that my 1D signals are all saying this down trend is far from over. In fact it might just be building steam. The weekly MACD has not crossed the 0 line...

bwy

There appears to be a descending triangle, which if it breaks would put us at about a $440 price target. RSI has lower lows and lower highs and is perfectly aligned with the MACD. As you can see on 2014-06-24 the RSI made a new low, yet the MACD histogram did not, which signaled a potential reversal coming. On 2014-07-29 RSI dipped to over-sold territory (good...

bwy

The 1D MACD cross over is a major signal for me that the market is now turning down. It's very important to note the crossover occurs with downward momentum building on the histogram. RSI is also showing continuous lower peaks confirming this potential new trend.

bwy

RSI and MACD are both diverging at oversold levels. LTC/USD is ready to move as well making this the perfect storm for LTC.