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Master_of_Brain

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About Master_of_Brain

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  1. If anything, it seems as though BTC has been more correlated with precious metals than the S&P. Which has me a little worried, since the air seems to be going out of the PM balloon just now.
  2. XRP has printed what appears to be a descending channel that could easily be interpreted as a bull flag pattern. A break above the resistance line is a buy, particularly if it occurs in tandem with BTC. RSI also reset and basically neutral.
  3. This is why I generally dislike chart patterns based on diagonal lines; they are subject to change with much higher frequency than horizontal patterns, which tend to be very clear and obvious. Anyway, BTC finally tested the support line around $11100 like I was hoping for a week or so back, only I wasn't positioned in cash for it and so couldn't capitalize. Nice bounce back so far and I look for this pattern to hold up as a consolidation prior to the next leg up. RSI is officially reset and ready to go.
  4. Zooming out to the weekly chart, XRP is pushing up against a really critical level at $0.30. Doesn't take a whiz technician to see the significance of this level.
  5. Once again the downside seems to be very limited and I have been forced to re-enter at higher prices than I was hoping (still lower than where I sold, but not nearly by enough margin to warrant the move). ETH especially has shown unbelievable strength during this rally. I have bought fully back in roughly 50% BTC 25% ETH and 25% XRP. Looking for a large move up as we come out of this consolidation period. BTC looks to be making another run at resistance to break out of the pennant. XRP broke down out of the triangle but has found solid support at the 200 hour moving average. If BTC and ETH break up, I can't see why XRP wouldn't follow. It is still more overbought than the other two at the moment, but I'm not going to bet against it right now.
  6. Quick update on BTC. It tested the top of the pennant but has not broken through and so there is a real possibility that it will test the bottom one more time, currently at 11100. I have exited my position and will re-buy if it breaks up or when it hits the bottom. If it goes back down, then XRP might have itself the correction that I was envisioning. No threat to the long term bull case. Best strategy for most is to simply HODL.
  7. Yes, I am following the same pattern. Looks to break out pretty soon. As part of a strong continuation, it should break up. If it does, $0.32 is the confirmation of break out and I will be jumping all over that bandwagon.
  8. Looks like XRP has elected for a horizontal consolidation rather than a quick correction. As I said a few days ago, that is the most bullish option for blowing off the RSI steam. May lag behind BTC for a few days but it will likely explode out of this consolidation, maybe on the weekend.
  9. Nice strong move up today for BTC. Strong above the moving averages but still within the Bollinger Bands... the sweet spot. Looks like it wants $12000 and may top out at $13000 before another pull back.
  10. This is absolutely true. But more often than not, sharp rises are followed by sharp corrections. If XRP burns off the RSI by consolidating here and doesn't give up any of the gains, I would regard that as incredibly bullish (on top of all the already bullish behavior).
  11. Fully aware that crypto can do some crazy stuff, I just don't think we are in the balls-to-the-wall full parabolic blow off phase yet. The daily RSI, along with the falling volume on rising price, all have me leery of XRP's current move. BTC's chart looks much healthier to me ATM. But for those in XRP right now, enjoy the pump! Who knows how high this can go.
  12. RSI on BTC has normalized a bit and just broke above a trend line I am watching, so I have re-entered (sold at 11600, back in at 11300). Not quite the price differential I was hoping for but I am not wanting to miss out on a big upside move. Applying pretty tight stops in case this is a fakeout. I will not be rotating anything into XRP or ETH for the time being.
  13. I see two reasonable options: a few day pullback to $0.24-0.26 OR a longer grind consolidation period at slightly higher prices until the RSI burns off and ready to move up. The higher we go right now, the more likely a sharper correction.
  14. As said before, the smartest thing for most to do is HODL in a new bull market. But as to the daily RSI not being effective as a trading tool... find an instance in BTC or XRP where the RSI reached this level and did not correct. RSI has almost never been this high for XRP, even going back to the big bull run in 2017. It always corrects. Patience is the missing ingredient. Most don't have it. And since XRP is highly likely to be higher in 3 months than it is right now, just buy it and stop checking if you can't stand being out of the market. FOMO wrecks even the best laid plans.
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