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Eric123

Epic Pennant on BTC Chart

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9 hours ago, dr_ed said:

Yesterday I said I thought the best case scenario was for BTC to cool off and base a while....it didn't. We blew right through the last big resistance and now we're well above it.

So why isn't that great?

Because now BTC is in nosebleed overbought territory and a big short is coming that will take the money of all the people who are selling their alts this week and piling into  BTC to catch the momo. You're late to the party if you do. The cops have already been called.

I'm not sure when it will come or at what exact level, but I would stake my reputation on it..that it WILL happen.  Yesterday somebody suggested a hard correction off 13.5K BTC that might take us back down to 9K...I think that is not unlikely, but it could happen anytime, and it might not happen until we are even higher than that.

But it looks like a bull trap to me, technically. 

Anything can happen. Macro events like an Iran war could drive BTC to 20K in a week...but absent those kind of extraneous drivers, I'd be very cautious about buying BTC here. jmho.

I just hope that we can hold these levels long enough for the rotation to happen, which will pump the usual alts, before a BTC crash takes EVERYTHING down.

 

Screen Shot 2019-06-26 at 7.25.20 AM.png

I knew we were gonna get creamed if we went much higher.  BTC doesn't make alts instantly rise, but it can sure take 'em down.

Edited by dr_ed

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10 minutes ago, PactaSuntServanda said:

Fun part about BTC's corrections is that alts also get hammered, even though some of them hardly gained any value at all.

Irony, you got to love it!

This might be related to massive rebalances. Maybe even exchanges performing rebalances in some way. Think about it. If BTC loses 10% and a portfolio rebalances this will cause other assets to then be sold to buy into BTC to make up the difference in value that was lost by BTC dropping in value. This might explain why when BTC drops everything drops. Though if it were a huge amount of value the subsequent rebalances could clear the order book so I wonder if exchanges do it with some kind of OTC mechanic.

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The day chart is looking like the end of 2017; parabolic and relentless.  That knock back was a bounce back.  To me that looks reassuring (is that naive?)

Is this an over optimistic thought?  Are we feeling the power of the huge available liquidity provided by the many new exchanges that are more accessible to the public and can handle volume in a way they were unable to do in 2017?  If this is what is happening an XRP bull run will go berserk.

Edited by Julian_Williams

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4 minutes ago, Julian_Williams said:

The day chart is looking like the end of 2017; parabolic and relentless.  That knock back was a bounce back.  To me that looks reassuring (is that naive?)

Is this an over optimistic thought?  Are we feeling the power of the huge available liquidity provided by the many new exchanges that are more accessible to the public and can handle volume in a way the were unable in 2017.  If this is what is happening an XRP bull run will go berserk.

Well, I just bought the first XRP I've added in months, if that tells you anything.  :)

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3 minutes ago, dr_ed said:

Well, I just bought the first XRP I've added in months, if that tells you anything.  :)

Well considering you delayed so long you got that cheap.  The SBI exchange is going through a series of outages for maintenance, with the last one on July 1st.  Lets hope this will bring a bit of attention to XRP

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I like the chart here. Nice pullback, volume rising.  I was already very long XRP and I'm actually above breakeven on my stack already. I looked at maybe ten other possibilities. It was not a snap decision. 

Edited by dr_ed

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17 minutes ago, dr_ed said:

I like the chart here. Nice pullback, volume rising.  I was already very long XRP and I'm actually above breakeven on my stack already. I looked at maybe ten other possibilities. It was not a snap decision. 

The thing about XRP is that its back story is ten times more compelling than anything else in crypto.  So when mass publicity meets an XRP bull run it will simply out perform everything else in crypto.  That is even without utility bringing in support from the bottom

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36 minutes ago, Julian_Williams said:

The thing about XRP is that its back story is ten times more compelling than anything else in crypto.  So when mass publicity meets an XRP bull run it will simply out perform everything else in crypto.  That is even without utility bringing in support from the bottom

Agree, sir. OOL.

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Incredible volatility ... best to wait for firm support to gauge traction for day traders.  Otherwise, increase some weighting (eg, 10%) from BTC into XRP given attractive pricing well below 4000 satoshi not that it matters.

Again, XRP will have its tall green candle day when BTC finds support and renewed demand.  Interestingly, the large selloff was mainly to Tether/stablecoins so this money will return in a big way.  Bitmex volumes are incredibly high for futures trading of BTC and suspect whether the large dump was unwinding/liquidation of sort ...

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