I've tried to spot every RSI divergences[0] possible post April-2013 bubble on a daily chart. Maybe some are missing, just let a comment to notify. But I think everything is there.
I found out: - 3 majors RSI div. in blue. - 4 minors RSI div. in light gray. I called them like this because they weren't significant, as they were quite flat OR within 70 - 30 RSI range OR not on major highs, lows.
Remarkable results: - Surprisingly RSI divergences are quite scarce. - ... and one is probably in the making ! - 100% success rate for now (2/2).
Given this last RSI divergence, there are good odds that we won't make a new lower (<$275) anytime soon. And it gives a strong pontential bounce in the making if the RSI goes back over 30 (key level IMO).
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[0] Here is a good ressource about RSI div: forexmt4.com/Gyula/Divergence Cheat Sheet.pdf There are 4 RSI Divergences setups * Regular Bearish Divergence * Regular Bullish Divergence * Hidden Bearish Divergence * Hidden Bullish Divergence
I see what you're saying - it can be seen to be part of a previous RSI cycle, but then again, look at RSI on the weekly TF chart!
B33tcoin
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Indeed, here is what you're talking about I guess:
venzen
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This is nuts. There's at least $1000 of upside possible in the chart. The question is how will it be achieved - I see two different paths: 1) a steep advance (like the last rally) to near $1500 (or whatever) with divergence to the April 2013 RSI high; or,2) a jagged ascent with frequent corrections (dictated by the post-Nov 2014 RSI profile) and then a final divergence against the ascent's own RSI graph. The latter case should exceed $1,500 by some margin but will be a rollercoaster. I imagine many participants will lack confidence to buy in once the price exceeds a few thousand.
venzen
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Also, notice the reverse (hidden) divergence between the extreme lows on the left and right sides of the chart. The upside potential is shocking.
B33tcoin
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Indeed, but I don't think that a daily scale is good enough to plot between 2 points spaced by 18 months :) But you may be right!