BIT Charting, page-35

@Thaliat Sorry for the delay.

Gees, I'm not sure what I can tell you seeing as the SP has tripled in 6 daily candles! Not sure I'm going to be telling you what you want to hear but it looks like to me that this spiked is over cooked and the SP needs a little rest. Here's why. Now it's ok for the SP to run the gauntlet up the above side of bollie bands when stocks are re-rating but it's not ok to have a candle entirely outside of bollies. To me it reads like the traders cashed in yesterday and todays dojo candles indicates that holders are now unsure as to whether of not to take some off the table or hold. RSI is also well into the over bought territory and needs a cool off.
Thaliat, stick a basic bollies indicator on any chart and if you see that lower bollie band (circled blue) reversing and heading north then that is another indication that this run is over for the short term.



Now if you're looking for a more long term directive then when we expand out a little then we see that BIT has always had difficulty in holding any spike (typical Bio) and has always retraced sharply. So need to ask, is there any reason for this spike to be any different? (has the fundamentals changed at all?)



So to me it's a decision as to whether to follow the technicals and trade down of have belief that the fundamentals have in some way changed. Currently the SP is in a high churn and resistance level so I know what I'd be doing but everyone needs to make up their own mind.



Here's some smaller timeframes displaying the rolling over.



Well done to all that got the trade, nice way to start Rockober.

Cheers.