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Eric123

Epic Pennant on BTC Chart

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Any way you draw it, BTC is still WELL above the trend line.....

Addendum. As someone pointed out already, stochastic are overbought, so there is downside risk. Also , from a critical perspective, we are high above the MA's, I expect still. Too busy to do a detailed chart, but my expectation is we're on shaky ground, but no broken chart like the others.

356102941_ScreenShot2019-07-11at7_49_29AM.thumb.png.9b1efa594b8eed1c380d3486e114b31d.png

Edited by dr_ed

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The best case scenario here is that we are being pushed by invisible forces into wanting go long BTC, and that after everyone runs into BTC, then the whales will crash it and pump alts. Not sure that will happen at all, but it'd sure be nice from this alt coin hodlr's perspective. I see it as a fairly high probability scenario here.

 

 

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9 minutes ago, dr_ed said:

The best case scenario here is that we are being pushed by invisible forces into wanting go long BTC, and that after everyone runs into BTC, then the whales will crash it and pump alts. Not sure that will happen at all, but it'd sure be nice from this alt coin hodlr's perspective. I see it as a fairly high probability scenario here.

 

 

I feel this as well. Everything is telling us to go dump into BTC to stop the bleeding and ride it back up to the promised land. When it's this obvious, I usually believe this is a trap. I'm also contemplating cashing out to stop the bleeding. When my mind gets like this, it usually means we're about to take off. At least, that's how it has worked in the past. Not offering advice here -- just that when the groupthink is do one thing overwhelmingly, it usually precedes the opposite happening. 

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14 minutes ago, YourAverageJoseph said:

I feel this as well. Everything is telling us to go dump into BTC to stop the bleeding and ride it back up to the promised land. When it's this obvious, I usually believe this is a trap. I'm also contemplating cashing out to stop the bleeding. When my mind gets like this, it usually means we're about to take off. At least, that's how it has worked in the past. Not offering advice here -- just that when the groupthink is do one thing overwhelmingly, it usually precedes the opposite happening. 

One can only hope. We have been too long in the gutter! 

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1 hour ago, dr_ed said:

The best case scenario here is that we are being pushed by invisible forces into wanting go long BTC, and that after everyone runs into BTC, then the whales will crash it and pump alts. Not sure that will happen at all, but it'd sure be nice from this alt coin hodlr's perspective. I see it as a fairly high probability scenario here.

 

 

Looks like my wife will need to wait a bit longer for her new Tesla! Thanks for the consolation doctor. 

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26 minutes ago, PactaSuntServanda said:

One can only hope. We have been too long in the gutter! 

XRP lives in the gutter until it suddenly spikes, but ETH and LTC are getting punished, along with a few other good charts. This is my thesis for a possible rotation, which  has nothing to do with XRP right now.

Looks like I have to keep my trusty Volt for a while. (Great car, and it still runs fine even  if the batteries run down. In Texas, I prefer the serial hybrid to all electric.   I'm on my second one, and fairly ****** at Chevy for killing off  a good line of autos. One of their all time bests in engineering. Figures.

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33 minutes ago, dr_ed said:

XRP lives in the gutter until it suddenly spikes, but ETH and LTC are getting punished, along with a few other good charts. This is my thesis for a possible rotation, which  has nothing to do with XRP right now.

Looks like I have to keep my trusty Volt for a while. (Great car, and it still runs fine even  if the batteries run down. In Texas, I prefer the serial hybrid to all electric.   I'm on my second one, and fairly ****** at Chevy for killing off  a good line of autos. One of their all time bests in engineering. Figures.

How about a diesel? Runs far more miles for a tank.

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Disappointed in the drop, below $.36 but I’ll take it as a buying opportunity. Moving some more funds over to CB pro to look for an entry point if we continue a downtrend below $.30. 

I still have some of my previous gains parked at $.45. If we get that high in the near term I may swap it over to LTC. Otherwise I’ll leave it as a new long position.

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53 minutes ago, MQB said:

How about a diesel? Runs far more miles for a tank.

I thought about diesel for my truck, but the Chevy gas trucks have gotten REALLY good, and the gas trucks are MUCH cheaper to buy than diesel. I doubt the fuel savings would make up for the price difference.

On cars, nothing with an internal combustion engine I know of is cheaper than a Volt. I plug it in at home and the small amount of power I use is not even noticeable on my bill. Since I only burn gas fuel for longer trips, the car's computer often tells me I'm getting 150 mpg or better on gas. The Volt is different than most hybrids. It uses no gas until the battery power is gone, unless you tell it to. 

Electricity is .12/kWh here.....that has to be figured in, but it's not much.

I just drive my truck too much, because it rides so well and I use a truck a lot. I'd be lost without a truck

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I guess tomorrow could be another down day but I doubt it, my money says we see some green on the screen tomorrow.  Used this opportunity to pick up some more XRP (I'm one of those guys that buys more when the price is falling, not when it's going up. ) I like XRP at .40 I like it even more at .33.  When Bitcoin makes a big move that makes me happy I usually take a screen shot of the price.  Went through my phone and saw that on June 23 the screen shot of bitcoin at $11,002, so things aren't so bad.  XRP and LTC got hurt pretty bad but the ALTS always take these things a lot harder, they recover harder too tho. 

Quote from "Platoon" - Keep your pe***er hard and your powder dry and the worm will turn.

7 11 19.png

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2 minutes ago, Eric123 said:

I guess tomorrow could be another down day but I doubt it, my money says we see some green on the screen tomorrow.  Used this opportunity to pick up some more XRP (I'm one of those guys that buys more when the price is falling, not when it's going up. ) I like XRP at .40 I like it even more at .33.  When Bitcoin makes a big move that makes me happy I usually take a screen shot of the price.  Went through my phone and saw that on June 23 the screen shot of bitcoin at $11,002, so things aren't so bad.  XRP and LTC got hurt pretty bad but the ALTS always take these things a lot harder, they recover harder too tho. 

Quote from "Platoon" - Keep your pe***er hard and your powder dry and the worm will turn.

7 11 19.png

I started buying XRP at .49 and bought all the way down to .28. Most of my stash was bought in the mid  .30's..... but I checked yesterday and  I am now officially underwater with the rest of XRPChat.

No that badly, but a 20% drop in my overall portfolio over  a couple of days is always disappointing. It changes nothing in my plan. I would be buying but I'm tapped out. No powder left.

This has been the first time that my strategy of holding some leaders as a hedge has failed to protect me. I still don't plan to buy BTC. If I were going to, I'd wait until it corrected at least a bit more. It could still fall hard in my opinion.

I'm too busy today to watch this closely. I hope I don't miss a golden opportunity, but I do have day job.

 

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11 minutes ago, dr_ed said:

I started buying XRP at .49 and bought all the way down to .28. Most of my stash was bought in the mid  .30's..... but I checked yesterday and  I am now officially underwater with the rest of XRPChat.

No that badly, but a 20% drop in my overall portfolio over  a couple of days is always disappointing. It changes nothing in my plan. I would be buying but I'm tapped out. No powder left.

This has been the first time that my strategy of holding some leaders as a hedge has failed to protect me. I still don't plan to buy BTC. If I were going to, I'd wait until it corrected at least a bit more. It could still fall hard in my opinion.

I'm too busy today to watch this closely. I hope I don't miss a golden opportunity, but I do have day job.

 

My DCA is .49 and I have been holding in negative for 18 months.  Today is nothing new and does not make me anxious.  I would like XRP to take off but I am realist in understanding we are trading in an unregulated market that is dominated by players who are hostile to XRP (and I am hostile to BTC and almost all other alts).  I did not expect it to be this hard - ETH up 300% XRP up 25% etc, but I will hold right down to the bottom if that is how the cookie crumbles.  To my way of thinking the fundamentals of XRP are excellent and the XRP ecosystem will go on rolling out and expanding whatever price XRP is traded at.  I cannot see anything in the way of Ripple/XRP taking a large slice of the cross border and micro payment market.  At some point I will make very good profits and that is what I am looking forward to.

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7 hours ago, at3n said:

XRP keeps returning to this line, do the TA experts think that this is still a significant support? Or is BTC more important?

image.thumb.png.6bddf0af6d706d1303df9b1bb517a312.png

Sorry,  I missed this one this morning.

Short answer is yes it is support....but this chart is probably not as important as the XRP/BTC pair. The interplay between XRP and BTC is very interesting, and that doesn't show up on this XRP/USD pair chart. For these critical pivots it's best to look at XRP/BTC.

 Importantly, on that chart XRP has probably NOT found a bottom.

 

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So.....when this rally started, the BTC breakout:

(a) lifted all boats (although it favored the legacy coins like LTC and ETH and BCH. LTC even led BTC out of the gate.)

and

(b) when BTC occasionally took a breather  the alts took a hit, but they tended to recover, if a bit more slowly than BTC.

 

Now the action is different. I think (and this is only my opinion) that:

 

For many, BTC is has become simply the only game in town. Think about that. That's key......A lot of punters couldn't care less about alts when BTC is so hot.

So....for one thing, that means that alts are:

(a) (probably temporarily)  becoming less correlated to BTC 

(b) suffering more downside in every BTC correction as even more hodlrs abandon positions in alts and jump on the BTC train.

There needs to be something, some driver, that makes this change. It will change at some point, but there has to be a catalyst.

 

A huge BTC dump would do it, but it might take alts down to near the Dec 2018 lows. If BTC itself were to break below that low it would mean this entire market cycle has  been extremely shortened. I seriously doubt that will happen. But if it does, it changes EVERYTHING. Just something to keep in mind.

 

A better catalyst would be some kind of game changing news like decent US regulatory  guidance or Trump abolishing the capital gains tax.....something that would bring the broader investing public into our space. That IS very much needed and can be expected, but the timing is impossible for us to know, and I don't count on it right away. The US exchanges need to be able to list more coins. They are delaying this over regs, I have no doubt.

The slow drying up of sources for US investors to buy and sell most if not all small cap alts is part of this overall lull in alt prices. I don't think this is widely appreciated.

 

Barring one of those two possibilities of a major catalyst , then we might be in a a really stagnant period for alts, that could persist for some time (6 months?).

BTC might become, by default, the ONLY coin to give any return over the short term. Which could drive it to the moon. Or turn it into a very, very volatile asset.

I don't like this scenario one bit, but I have to consider it as possible.

Just thinking out loud here. Your thoughts on this are welcome and appreciated.

 

Edited by dr_ed

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