The correction from 8,500$ pushed the 6h and 12h MACD well into negative, so for a strong pump I would expect to see a double bottom first.
By consequence, I am guessing a weak pump will follow the next days, followed by a minor correction, and then the real pump.
By consequence, I am guessing a weak pump will follow the next days, followed by a minor correction, and then the real pump.
I wasn't bearish enough... No weak pump yet... If this will go below 6,000$, it will trigger weekly PSAR switch to bearish...
We touched 6,000$ but didn't yet flip the weekly PSAR to bearish. Since the market is very oversold in 24h frame, we may see a bounce.
But without strong buys during the next 2 weeks, IMO the weekly PSAR will flip to bearish and we'll eventually bottom around 3,000$.
What do you consider to be strong buys in the next two weeks? You would want to see the BTC price go above a certain amount, such as $7k or higher? and perhaps some volume, too? How much of an increase in trade volume, and how do you measure trade volume exactly? Would you use a few of the main exchanges, CMC or you have some other way of assessing BTC trade volume that is comfortable for you?
By the way, even though you tend to provide some decent assessments, Tzupy, I do take any of these kinds of TA assessments with a BIG ass grain of salt while bitcoin continues to have decent unexpected upside potential merely from its unique asset class and ongoing scurve adoption dynamics... and a current seemingly ongoing dynamic remains a bit of the seeming bleeding of alt coin money back into the BTC space. So alt coins seem to be suffering a quite a bit more than bitcoin and may be leading, to some extent (to the extent that they can lead) this ongoing BTC price dynamic. In that regard, there remains uncertainty about whether some alt coin investors are just getting completely out of the space and moving to fiat or whether some of them might prefer to sink some of all of their previous alt coin money into bitcoin. I am not sure how to really measure all of those kinds of factors in a predictive way which is just attempting to say that the bitcoin space is unique in terms of how to apply TA.. and really maybe just providing a bit more weight to upside potential could sufficiently offset some TA principles in order to make them more accurate when attempting to apply them to bitcoin?
In the mean time, weekly PSAR flipped to bearish on Bitstamp and GDAX, so it's likely the shit will hit the fan, the bearish scenario is now my favorite.
The market stayed very oversold in the 24h time frame, I was expecting some bounce, but it didn't happen, so I deem the market as very weak.
The market has recovered to some extent, and now is experiencing a (hopefully minor) correction.
If this will play similar to July 9 - 15, then we'll get a new rally, possibly reaching ~10 k$. Watch the 12h time frame, for exiting oversold.
