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Eric123

Epic Pennant on BTC Chart

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Mild uptick overnight, that seems to not quite be exhausted. I have some new momentum and trend indicators to post and talk about, which I'm playing around with......which are the Awesome Oscillator (momo) and the Ickimoku Cloud ( trend, momo, trade signals). I'll put up some charts when I get to work.

Everything green this morning, but just a bounce from oversold conditions. Not sure the stormy weather is over.

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Bitcoin is moving exactly as I expect, It's two steps forward one step back. (step back was yesterday & day before) now we start moving forward (probably). I've been in crypto for years so I remember when a $300 dollar move in bitcoin was huge, the fact that it's not a big deal now is awesome.  Eventually $3k and later $30k daily moves in the price of bitcoin will just be an everyday occurrence that basically go unnoticed.      

Using this opportunity in the dip of XRP to Double up on my XRP buys.  

7 12 19.png

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I'll go straight to BTC. In the hour since I woke up things have already started to turn mildly down on the 30 minute chart. This time frame is fairly important to look at if you're trying to trade.

I was just thinking about how chartists used to spend hours drawing things we can now point and click, We should ALL be students and learn this stuff, imho . It's so much easier for us, internet people. We should be the best informed investors of all time. All you have to do is learn the patterns and signals, once you master some easy software clicks.

1211541956_ScreenShot2019-07-12at7_25_39AM.thumb.png.4657c6cd889d82671546193fc5fa0fb6.png

These are the two new indicators I'm fooling around with. The way these momentum and trend indicators work is pretty easy to understand

They plot a short term moving average of price (MA) against a longer time-frame MA . 

Depending on how fast the short term MA is changing versus the longer term one, you get your momentum. Depending on whether each is going up or down at a given time shows trend. These patterns are meant to make decision making easy.

The thing I don't know (but experienced crypto traders no doubt do know) is the exact time frames that work best for a given asset. The time frames I'm using are defaults on the Bitfinex charting software.

When I saved this chart a few minutes ago, the Ichimoku cloud was giving a mild sell signal. I'll go over that a little later,

On the Awesome Oscillator, you can see two examples of what AO techs call bullish Twin Peaks from the last little green run earlier.

 

Edited by dr_ed

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Heres ETH, taken at the same time. On these charts, this is already old info, but I'll post the 30 minute chart from the same time as the one above.

1505508259_ScreenShot2019-07-12at7_24_59AM.thumb.png.5687d231c9150a9034502f4bfc080711.png

Also a mild sell (it's because the chart is falling into the cloud from above). The upper and lower bound of the cloud would be where your stops should be.

Thus is not a great short trade, because the cloud is too narrow. Red cloud is bearish. Falling cloud is bearish. The only thing good for longs to see is that part on the far right that shows the cloud greening and starting to rise..

There is one mild Twin Peaks o the AO that signaled the last little pump.

A Twin Peaks pattern is a  big peak followed by a small peak, with the AO giving a red bar after the peak. If the peaks are below the zero, the Twin Peaks is bullish. If it happens above the line, it's bearish. So the one in the middle of the AO was a mild bullish signal.

All these oscillators that pass up and down through the zero point are set up to show you bullish and bearish cross-overs to pull the trigger on your trades.

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51 minutes ago, Eric123 said:

Bitcoin is moving exactly as I expect, It's two steps forward one step back. (step back was yesterday & day before) now we start moving forward (probably). I've been in crypto for years so I remember when a $300 dollar move in bitcoin was huge, the fact that it's not a big deal now is awesome.  Eventually $3k and later $30k daily moves in the price of bitcoin will just be an everyday occurrence that basically go unnoticed.      

Using this opportunity in the dip of XRP to Double up on my XRP buys.  

7 12 19.png

Hi Eric there is a bit of hysteria with Ripple and/or Mr. Larsen selling XRPs 

Does it influence your view on XRP price or you are purely TA guy and base your assumptions mainly on TA and crypto assets speculation (due to utility driven demand is not here anytime soon)

 

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These oscillators are best used on the time frames traders use. Those would be the 30 minute, the 4 hr (Bitfinex gives you a 3 hr, good enough) and the  one day. They can be drawn for long term charts but that isn't as useful, imho.

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I know most of us, myself included are hodlrs, not traders. But even hodlrs need to know a healthy chart from a crappy chart. I'm going to show you some of each.

First...here'e the DAILY on ETH. Hard hit this week, but still looking pretty positive by these two indicators

Cloud is green, bullish. Cloud is rising, bullish. Chart is above the cloud, bullish.

On the oscillator all the bars are ABOVE zero. Bullish. However, the momentum is bearish. Three Twin Peaks In a row, the last one of which corresponds to the latest red candlestick on the price chart.

See how this takes the interpretation part out of it? Boom. You get an instant snapshot.

639649954_ScreenShot2019-07-12at8_19_32AM.thumb.png.e71f74e7dfbf4e61c19c8e2f023c0243.png

Now let's look at LTC.832786979_ScreenShot2019-07-12at8_28_07AM.thumb.png.9874420e02ce3e9fe64a519c9856faa0.png 

Once again this is the daily. This is where we get our info about the coming few days. 

Cloud is green, bullish. Cloud is rising, bullish. Chart has dropped THROUGH the cloud, hit support, and we have now a green candle. Buy signal.

On the AO, we can see we our trend has been down because  the bars are BELOW zero. But, it looks to be close to bottoming. A green bar next would be mildly bullish, confirming the buy signal on the other indictor.

I like these indicators because they're easy to interpret. There are only a couple of other AO patterns to look for. We'll talk about those if I see them.

So, those charts are both mildly bullish.

 

Edited by dr_ed

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I know everybody just wants to know what will happen with XRP. So do I...but the XRP chart is flaky as hell, and it tells me NOTHING about the broader crypto market, which is important for all of us to be able to get a handle on. In my opinion, BTC, LTC, and ETH are the most important for that.

And the interplay between the three is important. ETH and LTC are better indicators for alts than BTC.

BTC is marching to its own drum. Although all of us XRP hodlrs know it has lots of problems. the buying public sees it as the strongest crypto, and there are good reasons to respect that. It will continue to drive the market for some time to come.

To me, the recent weakness in ETH and LTC are bad signals for all lower cap alts. I'd like to see some serious recovery on these two. 

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Okay, I actually had to look around for a really bad chart. Happy to say even XRP is looking bullish. I'm about to get busy, but I will post it later.

Right now here is the OMG chart. OMG is a great project (according to many, I'm not holding it) but the daily chart makes it look like the poster boy for dog sh*t.

Cloud descending. Chart below the cloud. Cloud red.

On the AO twin peaks (bullish) that correctly predicted that one lonely green candle of May 15....Now a possible mild twin peak forming, but it looks questionable because the peaks are almost the same height. 

Red candles all over the place. Obviously this is an extreme case, but I wanted to show you a nasty chart. Technically, the signals on OMG are saying  "run, run away fast".

Screen Shot 2019-07-12 at 9.08.01 AM.png

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2 hours ago, dr_ed said:

Red candles all over the place. Obviously this is an extreme case, but I wanted to show you a nasty chart. Technically, the signals on OMG are saying  "run, run away fast".

I wish I would have seen this one sooner. I just took out a loan, secured by the equity in my home and businesses, and went all-in on OmiseGO. Now I know why it’s called OMG!

Note: This post was intended to provide some comic relief, while the forum remains on suicide watch. No loan was secured, and no actual OMG has been purchased.

Edited by GoldenGoose

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18 minutes ago, GoldenGoose said:

I just took out a loan, secured by the equity in my home and businesses, and went all-in on OmiseGO

@GoldenGoose now that sounds like a excellent financial plan.  But what you don't know any loan sharks that could have lent you money that you could put in OMG too??  Anyway, Congratulations on your investment.

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