ShroomsKit
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May 22, 2014, 11:19:51 AM

This last leg up was real weak. Starting to wonder if we will even make it to test that 530 wall. But bitcoin tends to surprise!!



What do you mean?  Were you expecting us to shoot up to 550 tonight?

I think a slow methodical rise is healthier than a bunch of panic short covering and margin buying into oblivion. We are going up pretty damn fast as it is.


This is what I am looking at



It is taking massive momentum, exhausting RSI to make lower highs. We are above January level momentum at half the price and those divergences there should be warning to the bulls. Daily RSI is overbought levels and we have not even tested the previous high at 548! The triangle broke but is the downtrend over? This momentum tells me the buying pressure is not there, and if it does not show itself sooner than later the downtrend will push us down

A few lines told you all that?