Another rekt Sunday

[panmores]

Gloomy Sunday. Every other look at the ticker shows a lower number yet again.

Wife bought some for $0.93 the day before, she's quite relaxed, I however feel for her. Right, bloody emotions...

I'd not sell at a loss, and we all know the market can turn around out of the blue.

Yet am more comfortable to be swimming in green than red.

The squeeze continues, and then there's the charts FUD:

https://www.tradingview.com/chart/XRPBTC/7aN79hEh-The-House-its-on-fire-XRP-Going-Down-Last-chance-to-sell/

 

[Guest]

I promised myself I wouldn't look at the price today lol.

It's just the motions. I remember our 25 cent days back in May and later on the price hit like 12 cents. I saw a loss and felt my stomach turn. 

I'm convinced though. The team at Ripple is solid. I like the fact that they stand behind their work and even contribute to the forum.

We just have to wait for more XRP adoption and even more listings for Fiat XRP trading pairs. I know you guys and gals know this. It's a waiting game. We will get there. I think March or April will be exciting because of SBI and news that will eventually trickle out. 

[Malloy]

2 hours ago, panmores said:

The squeeze continues, and then there's the charts FUD:

https://www.tradingview.com/chart/XRPBTC/7aN79hEh-The-House-its-on-fire-XRP-Going-Down-Last-chance-to-sell/

 

TA made with BTC pairs are irrelevant because BTC fluctuates too fast to be a good anchor point...charts with USD, EUR, KRW, JPY, CNY, etc would be much more relevant...if we were not in cyrpto land lol

[Malloy]

FWIW...here's something you can look at and say...hey...I see patterns...maybe...the most important thing to remember here is everyone can see those patterns so...is it the pattern that creates the signal or everyone who thinks there's a signal that creates the pattern...

Have fun!

[panmores]

What are we looking at?

[Malloy]

5 hours ago, panmores said:

What are we looking at?

From bottom to top

OBV: short term oversold (white bar) means more than bears in control...almost panic...the pattern is always to go back to the avg line....too high  there's a frenzy and is it has to cold down...too low  we can see opportunities...

MACD: downtrend slowing but not yet out of the wood...but the bars are getting closer and will eventually cross up...

Volume: less volume than the last bounce...but still over avg...this is probably the most concerning...volume needs to go up...

Triangle: almost too perfect...we're at a very important resistance level...normal behaviour would be to bounce...if it breaks down (not flash crash) this could continue the downtrend...

Fibonacci: considering that the chance to bounce here and have a reversal are greater than the continued downtrend...these are the level to consider...up to 38% is just a normal bounce and doesn't confirm the downtrend is over...the 50% mark is the first milestone to create the feeling we're heading higher and the 61-78% is were the big boys jump in to confirm the run...after that...127-161% are the possible next resistance if we break ATH....

Just keep in mind what I wrote in my other post..."is it the pattern that creates the signal or everyone who thinks there's a signal that creates the pattern..." 

Edited February 5, 2018 by Malloy

[panmores]

Very nice @Malloy exactly those are the elaborations I hope we can find more often in this group here.

Down-sell volume is still quite high, which is what would bother me most.

MACD crossover could be a matter of days - and who knows ETH recently developed own legs, as did LTC. 

BTC collapse could well be a trigger for alts to move on their own.

(still trying to get my head around your pattern-signal-mention...).

[Malloy]

"Market Cycles Still Exist in the ICO/Cryptocurrency World"...short but pretty good read...

If you compare the Cycle graphic to the BTC chart...there's a lot to think about...