Happy with price, but it's still looking oversold...
I never understood why you think it's oversold? What is your crystal ball saying? We get about 18k per day right? It looks to me like it's being held tighter lately. and the 1k of btc on the buy side that keeps popping up and disappearing seems to be a manipulator so maybe the 100k on the sell is as well?
I take a look at weekly Stoch RSI charts from time to time and late Feb was as oversold as it's been since mid October last year. We peaked around Christmas (new dollar ATH set) while we went up along WITH Bitcoin (which was pretty amazing). We have been heading back to a more balanced position, but it's still not overbought yet from what I see. Just er... Goldilocks-ish.
I have noticed this rise (while volume is at last healthy) has still seen far less BTC stacked on the buy side. So the BTC that's in Polo is not so much aimed at XMR. You're right to say coins for sale appear to be held tightly.
I think people know XMR could spike so they are keeping an eye, but Dash and ETH are scooping up the Oxygen. I expected a spring bounce in late Feb, but of course we flatllined until a few days ago. It's a price reset that was due - but I still think there is room for more - depending on many outside factors.. BTC direction, scaling and forks, Dash eventual crash....
I do not have a crystal ball, but I do have one or two XMR and I keep my eyes well and truly open.
Yup, so how does Stoch RSI charting work on VC as opposed to stocks?
Short answer: In stocks TA is for much longer time frames.
I am not how much any charting 'works' in VC - but I do think it helps. I look at candles and MA's on 2 or 4 hour mostly, Stoch RSI much longer term, and Bollinger bands are sometimes a help to see tightening up (er... and funny creature shapes developing).
With Monero you have to also watch BTC and follow how inverse it is at any given time. As soon as it went over 1250 today i sold and re-bought more (I hate not hodling my target amount of XMR, but I trade to increase it).
That wasn't charts, it was just 'shit, this will hit us' and not hard to spot coming with or without fancy lines.
I still think the trend should be up a bit more - we aren't maxed out on long term Stoch RSI. But not to ATH in XMR/BTC I am think - unless BTC drops. In USD, it isn't too hard to see an ATH coming. I would advise rangedriver to not open his bet to everyone, personally - but what do I know?
Just trying to learn to get a better 'edge', that is all - aren't we all?
We are all guessing, but I do try to take a little TA on board - even if markets often ignore it, it can help