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Crypto31

Have We Hit Rock Bottom?

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Obviously trying to pick the bottom or the top of any investment is a very difficult, if not impossible task.

I understand that many smart people choose to ignore timing by dollar cost averaging, etc.

And, I am by no means a professional trader or someone who studies technical analysis.

Having said that, I do believe in paying attention to the market and trends and capitalizing when you can by buying near the bottom. Even long term investors like Warren Buffet talk about "being greedy (buying) when others are fearful", i.e. buying when the market is down and making good value purchases.

Looking at the charts it seems like BTC and XRP are near a baseline. 

BTC hasn't been this low since September 2017 from what I can see. And, besides the equally low points earlier this year, XRP hasn't been this low since December 2017 before the big run up. 

So, do you think we have reached bottom? Or do you believe it will go lower? Will it be flat for an indefinite period? 

If it were possible to spot a bottom, is this it, in your estimation? Why or why not?

My personal take is that this is the bottom or very close to the bottom. If it it's not, it would mean the crypto and XRP market will die and revert to 2016 and prior prices. Since I think the fundamental future of these assets is good and the general market size and sentiment will improve, I don't see how they could revert to those previously low levels. I could see a long flat period, though. 

Thanks for your input. 

btc-chart.jpg

xrp-chart.jpg

Edited by Crypto31

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Personally, I think the real questions are will BTC go lower, and will XRP follow...

BTC to go lower, yes, almost certainly in my opinion. I would not be surprised at all to see something come out of the UN Climate change conference this week which threatens BTC. Massive power drain, and no real reason for it - there is massively more energy efficient crypto out there. Bit of an easy win for countries to make some commitment to a disincentive by year 2020. Certainly easier than going green energy!

Will XRP follow, hopefully not. So so much good news coming out, and in use. If BTC is to fall on environmental credentials, theoretically XRP should be fairly immune to this as not a mining crypto. If it goes to "No.1" crypto... massive news.  

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40 minutes ago, BruceWhale said:

BTC could go to 1200 usd in the long run we would still be in a bull market.

Like Vernagallo and follow him since April this year. I tend to agree with him about the above, but don't forget he was predicting usd 5-8 for august 2018 and usd 500 for december 2018. Moral: Take it all with a grain of salt.

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IMO (based on the basics of Elliot waves theory):

Wave 3, which is supposed to be the strongest impulse, should go higher and not be just at approx 1/10th of wave 5;

Wave 2 has been a strong correction of wave 1, so I expect wave 4 will not correct that strong wave 3.

my 2 zerps...

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6 minutes ago, Ripple-Stiltskin said:

No offense intended, but this made me laugh out loud. “ a grain of salt” must be the understatement of the year. Predicting $ 500 and we’re at $ 0.30. 

Well...looks like TA skilled people and BG123 have the same failure rate....:D

We're talking about cryptoB)

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My thought is bitcoin is on life support. Everyone mining bitcoin is losing money. Just a matter of time before they all walk away. This is a Venezuela style debt hyper loop that bitcoin is in. If something doesn’t happen fast it is going to really hurt.

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I predict we will end the year near our current prices. BTC will bottom out in early 2019 at $2,500 or possibly even go as low as $2,000. XRP will bottom out near $0.20. The good news is I strongly believe 2019 will be a good year for crypto. There are too many good things happening fundamentally, but they just haven't translated into higher demand yet. 2019 will be the year when we'll see real use cases for crypto in general. By this time next year we'll all be kicking ourselves for not buying more at these prices. For all of you $589 dreamers, we might just see in in 2023...lol. 

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It seems a ton of altcoins went up end of 2017 and then down again. Every chart is the same for every altcoin. Why? Could it happen again or was it a one-off? All the charts show a mountain; huge rise end of '17 followed by huge fall. However the price of these altcoins hasn't gone back to the lows before the meteoric rise... which makes me think any future rise wouldn't be so great. 

If it happens again it wouldn't just be xrp or bitcoin it would be EVERY half-decent altcoin that goes to the moon. 

Edited by baobeiiiii

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6 hours ago, xrp_sea said:

I predict we will end the year near our current prices. BTC will bottom out in early 2019 at $2,500 or possibly even go as low as $2,000. XRP will bottom out near $0.20. The good news is I strongly believe 2019 will be a good year for crypto. There are too many good things happening fundamentally, but they just haven't translated into higher demand yet. 2019 will be the year when we'll see real use cases for crypto in general. By this time next year we'll all be kicking ourselves for not buying more at these prices. For all of you $589 dreamers, we might just see in in 2023...lol. 

Dozens of altcoins went up 100x to 200x then crashed. If that ever happens again it'll be driven by frenzied speculation, period. Not by fundamentals or utility or 'real use cases'. 

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