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Eric123

Epic Pennant on BTC Chart

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So my macro outlook is slightly modified from what I thought a month or six weeks ago.

Gold is still in correction mode, but stocks are looking more bullish since last week, as the chart I posted a couple of weeks ago from Gary Savage predicted. He thinks that we're going to get some inflation, which might cause all our asset bubbles to inflate together, stocks, gold, and commodities. I'd welcome some significant inflation here, because the alternative could be worse.

Gary hates bitcoin, but I'd postulate that an inflationary bubble benefits BTC price and other cryptos along with everything else.

The dollar, as far as I can see, is still in an uptrend since early 2018. It needs to start falling here to fit the inflation narrative. It might.

I'm still long a tiny slice of MGI stock, which has now been in a new uptrend since Oct 2nd. I will probably take my little profits soon, although there are some signs that the Nov 1 earnings might surprise to the upside. I might take a chance and let it ride, since my position is quite small.  Getting out is the safest play, but my outlook for XRP is short term bullish, and so that makes me more bullish on MGI.

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26 minutes ago, Eric123 said:

Looking at the bitcoin moving averages you can see the 50 day broke below the 100 and is moving toward the 200.  Admittedly these do not look good but I am still looking for a reversal.

The Moving averages and the XRP chart look a little more promising.

Bitcoin Moving Averages 10 22 19.png

bitcoin 10 22 19.png

10 22 19 XRP.png

I was just looking at this as well. Based on it I will be trading all my BTC (not much) for XRP till things shape up differently. I think XRP will have better short term gains then BTC. Famous last words.

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20 minutes ago, Palerider said:

I was just looking at this as well. Based on it I will be trading all my BTC (not much) for XRP till things shape up differently. I think XRP will have better short term gains then BTC. Famous last words.

You might consider putting some of it in Tether or USDC.....I don't think XRP keeps running if BTC tanks. (not financial advice, lol.).

But I'm doing the same thing you suggest, since I'm really overweight XRP already and sitting on almost no BTC.  But cash is king if BTC plummets imho. I'm almost certainly taking more risk than I should.

I'm still looking for the reversal too. I am aware that the chart is not that great in  "death cross" terms. 

But so far we're just testing support on the one hour. Maybe it holds. Momentum has faded. Let's see which way it breaks now. I'd like to see the AO stay above the  line.

765129927_ScreenShot2019-10-22at10_24_39AM.thumb.png.76244cae21795052c50c0c7b0b4a24f9.png

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In spite of the crossover on the MA's, this chart doesn't look as bad to me as last week. Just basing so far. I don't see doom. But maybe that's just me.

Lots of algos and bots at work on the sell side. That's pretty clear with all the long wicks followed by single high volume dumps in an otherwise low volume market.. They seem to be related. Other people can probably explain that better than I can.

2116488131_ScreenShot2019-10-22at3_26_38PM.thumb.png.39d783299c4f5ab3ded69a290f86852c.png

 

 

 

 

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Lots of red this morning, but the chart says it's noise, and probably about to turn up.

On the 30 minute, we have what looks like a crossover coming......to positive momentum.

1312550908_ScreenShot2019-10-23at6_25_05AM.thumb.png.187d670807dfd7ce2e6314e1a4bbed82.pngOn the 6 hr you can see our new range.We're waiting again.

1237542563_ScreenShot2019-10-23at6_24_02AM.thumb.png.10907b2319b217a79a5be2042d6b1396.png

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