Short Term Update: Hourly chart at Bistamp

chartThe chart you see left this post tell us that the short term tendency is still up, price is still above VWAP with positive netvolume so this is a bullish configuration and as long as it continues the sensible expectation is for higher prices.

I have shown in the graph another trade opportunity using both vwap indications and RSI oscillator (i use 8 for rsi period instead of the common used value of 14). When RSI enters overbought or oversold territory is always safe to close the trade if there is a decent profit on the table, don’t be greedy:)

Price range for today is $928 – $1080 at bitstamp.



27 thoughts on “Short Term Update: Hourly chart at Bistamp

    1. Enky

      I think that the ALMA moving average should provide some support around $ 680, also with the formulas i use to calculate weekly and monthly price range i have the same value, around $700 as support for December.

      from my last long term update. Yes it looks bearish in the short term, it might go there, at 700

  1. Andrea Chiavazza

    I think what we’ll see is a repetition of what happened at the previous rally back in March. The price will stabilize somewhere between the value at the beginning of this rally($200?), and the top(around $1200). So this could mean around $500-$600. Then, if we can learn from the past, it will stay around this value for 4-6 months, just as it stayed around $100 after the previous rally. Then we might just have to wait for the next rally, which will take us to new highs, possibly around $4000-$5000.
    It seems to me that this is just the way that btc rallies work.
    Of course, there are many things that could trigger the next rally: adoption from a major player(Google, Amazon, Ebay), the stock market turning bearish, QE-infinity madness, or even just the masses of common people liking the idea of crypto-currencies and starting to buy small amounts of BTC just to make transactions with their own mobile.
    Enky, do you agree?

    1. Enky

      Yes, it’s a possibility, i don’t like to sell at the weekend when most of the kid investors plays, but if i don’t see a rebounce next week i’ll probably close my trade.

  2. This is a classic bull market and a very sensitive one at that. Very news sensitive with very wild tenancies because there are no traditional conservative investors (ie the type that invest based on calculated annual return expectations). Suggest study of market psychology – there are a million classic books on it, or just buy and go do something productive 🙂

    1. Enky

      Yes you’re right, because of the lack of institutional investors there is a strong difference with other markets like Sp500 and Nasdaq. Basically bitcoin trades like a penny stock.

  3. Chart

    my trial on sierrachart is over, what features can I still use ?
    (currently I can just see the graph, it’s not updated anymore..)

    1. Enky

      you can use free plugin for downloading data from bitcoincharts, you can still use vwap or other basic tools also in the free version

    2. Chart

      Can’t get it to work. 😦
      I’m not sure I wanna trade without sierrachart.. It write everywhere it’s not connected.
      Oh okay mtgoxusd.bcid works for some reason.
      How can I make btceusd work?

      1. Enky

        it works because i follow 4 different market with that plugin, read instructions:)
        for btce i use the -s option
        sierrachartfeedUTC-0.6.023.exe -s btceUSD

      2. Chart

        Yep I did what you wrote just a minute ago. I’m so sad there’s no LTC here.
        I (again) didn’t stop loss and bought my ltc at 39.2, I’m getting bored so I’ll try to “minute-trade” but I need fast information. 😦

    1. Enky

      i wait the end of the week, with a close at 700-750 i’ll probably try to resist more, i’m not sure that a bear market has started

  4. Chart

    I though that was some sauvage ad but his graphs aren’t bad.
    I won’t say it’s better than btctrading, it’s another pov.

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