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Eric123

Epic Pennant on BTC Chart

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4 minutes ago, baobeiiiii said:

Is there accompanying volume for this downtrend? Because if not, it is likely to be short-lived. 

I've been looking around and can't seem to find any reason for this recent dump so I'm thinking its just what I call a "Wrecker Dip" which means that if you panic and sell because of the dip, then you'll get wrecked because the price will go the other way shortly. 

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2 hours ago, strikerjax said:

 

What if this trend line is broken? Looks like it is.

The candle for this week is not done. But the way I look at it, it's likely we drop down and test the Dec 2017 low. That's the critical area here, not the trend line.

And if we do break substantially below that, it is a game-changer in my book. But it's premature to call a broken chart. I suggest dealing with "what is" and not what might be.

The exact levels on the XRP chart are not of as much concern to me this morning...I see we're down....what concerns me more is that my hedges are not protecting me. I am now in the red slightly for the year, and I have to consider that it wouldn't hurt me tax-wise to make some trades if I see substantial opportunities. So I am going to look for some. If I go long for a trade, I'll mention it here. I do consider trading to be a last resort, so if I take a trade, it'll have to look good.

 

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Posted (edited)

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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