Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 33208.

vokain

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Quote from: Frozenlock on June 24, 2013, 10:46:39 AM

Quote from: vokain on June 24, 2013, 10:31:12 AM

(...) right now bitcoin is currently in the fear/desperation phase (...)

The sentiment I get from the average bitcoiners is more like
"This is a temporary setback, but we are still going to da moooooon!"

Quote from: vokain on June 24, 2013, 10:31:12 AM

but there will be very few avenues of escape for the world financial markets when we get consumed by debt and deflate hard.

Could you explain that? How a dollar deflation is supposed to boost Bitcoin in any way?

Well, as people risk off, I imagine they buy dollars. Dollar value will go up, which SHOULD bring XRP price down, but at the same time, there are other factors at play here my friend. Risk in financial markets pushes people to alternatives...treasuries are up but they suck and qe isnt over it is just tapering so why not btc which isn't a part of the failing global political and economic system?

ChartBuddy

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Abandon

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Quote from: notme on June 24, 2013, 09:06:23 PM

Quote from: Voodah on June 24, 2013, 07:49:46 PM

Quote from: Abandon on June 24, 2013, 04:32:05 PM

Oversold:
Image

Loved this graph.

Can someone please explain to me what are each of the 3 or 4 graphs in the lower area?

They are all various types of oscillators that do indeed show oversold condition on the 4 hour interval. However, we are neither oversold on the daily nor weekly interval. People new to trading tend to be myopic and miss the longer term conditions that control the overall trend.

The daily interval is significant, but nothing very immediately meaningful there at the moment, and the weekly is heavily distorted from the bubble. I find the 4h and 1h interval to be the most useful for regular trading.

And the market felt like it was oversold, and it appears now that it indeed was/is.

notme

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Quote from: Voodah on June 24, 2013, 07:49:46 PM

Quote from: Abandon on June 24, 2013, 04:32:05 PM

Oversold:

Loved this graph.

Can someone please explain to me what are each of the 3 or 4 graphs in the lower area?

They are all various types of oscillators that do indeed show oversold condition on the 4 hour interval. However, we are neither oversold on the daily nor weekly interval. People new to trading tend to be myopic and miss the longer term conditions that control the overall trend.

ChartBuddy

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ChartBuddy

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Voodah

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Quote from: Abandon on June 24, 2013, 04:32:05 PM

Oversold:

Loved this graph.

Can someone please explain to me what are each of the 3 or 4 graphs in the lower area?

adamstgBit

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Trusted Bitcoiner

wait for it... wait for it... Grin

420

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5k to under $100

ChartBuddy

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fr33d0miz3r

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There is a 0.01 BTC dump right now Cool

Frozenlock

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Quote from: barbs on June 24, 2013, 05:18:23 PM

anyone else see that 400 coin dump after the small 102 wall went up? wtf

Really?

We are now at the point where we talk about 400 BTC transactions? Lips sealed

ChartBuddy

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barbs

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anyone else see that 400 coin dump after the small 102 wall went up? wtf

ChartBuddy

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Abandon

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Quote from: derpinheimer on June 24, 2013, 04:39:39 PM

Its weird, those oversold/overbought indicators almost always seem to work? Is it just because people follow them - or is there actually something significant behind them?

I mean, it didnt scream overbought on the way up to 260, but it did "predict" a few of the [very]-short term spikes down... as well as up.

There's a lot of different ways to read each one of the indicators, and they all pretty much measure different things in different ways. They are slightly lagging indicators, so they can change their mind at the last moment, as with moving average lines. And they have the potential to stay oversold/overbought for a long time, or become even more oversold/overbought without much difficulty. Or they can quickly go from oversold to overbought without much difference in the price.

Yet there's a lot of things to look out for in these indicators, such as for example Hidden Divergences on the Fisher indicator: www.babypips.com/school/hidden-divergence.html

derpinheimer

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Its weird, those oversold/overbought indicators almost always seem to work? Is it just because people follow them - or is there actually something significant behind them?

I mean, it didnt scream overbought on the way up to 260, but it did "predict" a few of the [very]-short term spikes down... as well as up.

Abandon

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Oversold:

notme

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Quote from: Abandon on June 24, 2013, 04:24:36 PM

Quote from: notme on June 24, 2013, 04:18:28 PM

Quote from: N12 on June 24, 2013, 04:14:09 PM

Oversold and overbought only applies in a ranging market as trend reversals. When in a trending market, moving into overbought/oversold is to be regarded as the confirmation, and leaving it as a possible trend reversal.

Check it out:

]http://bitcoincharts.com/charts/chart.png?width=940&m=mtgoxUSD&SubmitButton=Draw&r=90&i=&c=1&s=2012-12-01&e=2013-05-01&Prev=&Next=&t=S&b=&a1=&m1=20&a2=&m2=10&x=1&i1=RSI&i2=&i3=&i4=&v=0&cv=0&ps=0&l=0&p=0&

This. Also, overbought and oversold are dependent on the time frame you are discussing. As you can see above, on the daily scale we are nowhere near oversold.

That's what I'm referring to. Indicators are only used to see if a market might be oversold or not. Try looking at the Accumulation / Distribution of 2013 in comparison to 2011 to get an idea of the big picture.

I don't get it. You're telling me to look at the big picture while screaming the market is oversold based on some short term wiggles. Longer term we are nowhere near oversold.

ElectricMucus

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Come on gox move! Grin

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