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Epic Pennant on BTC Chart


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Just taking the time to say a huge thank you to you @Eric123. I have been reading this thread daily for a long time now. I don't often sign in to post something so this thank you and acknowledgment of

I was a bit bored, so I decided to analyse the reactions in the first 404(!) pages of this thread. In those 404 pages, 3938 comments received a reaction, and in total there were 11515 reactions g

@Eric123 My perspective is a bit different;  in my opinion the alt season begins once BTC momentum tapers off and the price becomes stuck.  While this may take place after BTC hits some ridiculous ATH

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Nice to see some green after the brutal drops we've been experiencing.  How many of you got some sub $7k BTC?  Well if you didn't $7.2k is nearly as good.  I took the weekend off from buying, I shouldn't have (but I'm not making big buys lately anyway).  Regardless either we bounce big this week which would be nice or I buy more.  Either way I win.  Eventually we will break out of this down channel and retake the ATH and then some.  My previous predictions  called for that to happen by the end of the week 11/29 obviously that is going to turn out to be a premature call.  The halving is coming up in less than 6 months, I'll rework the charts but I think we hit the ATH before then.  

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Modestly recovering is what I'd call it. Better than this time yesterday, technically.  Makes me happy since I bought the dip. 

I traded out of some of the BTC I recently bought because it was looking weak...and tried to put the money into some coins known to occasionally run counter trend...and decided to hodl the rest.

If BTC firms up, more, I might flip it into VET, which is my main bet at the moment.

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8 hours ago, Eric123 said:

And again my buying exhaustion has signaled the bottom.  Also worked to call the bottom in Litecoin at 22 ish this past December. 

I don't think we've seen the local bottom yet.  We have broken below an important resistance level and the next band is around $6100-$6800.  My best estimation has us visiting that region and chopping around a bit before correcting upward and out of the falling wedge.

Below is a rough (and purely speculative obviously) chart of what I am more or less expecting.  If I had the conviction, I'd move my XRP to cash until we hit the bottom, because I think this will pull XRP down into the teens as well.  But, I don't have the conviction, and therefore I will HODL through all of it and probably look to buy more around $0.18.

4y5d7xOJ

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Well here we are on 11/29/19 the Day I had called that we would retake the ATH, that looks exceedingly unlikely at the moment. LOL  But good news looks like we are trying to break out of the medium downtrend we have been in since the push on Oct 26.  Then we can bust out of the longer term downtrend we have been in since the end of June.  Listening to bitcoin pundits, youtubers, analysts and so-called experts, they mainly see short term downtrend but almost all (excepting people that think bitcoin is ridiculous) see higher prices in the future.  So if it's going up in the future why would it go down now especially since everyone has the same opinion?  Anyway a green day is a green day.

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Taking a look at the BTC weekly, it looks like we've bounced off support from that wide zone of consolidation from the second half of last year. I'd favor this this being an intermediate bottom. Not sure what the gurus think.

On the flip side, if this level can't hold, we could be shaping up for a failed cycle that could drop below the 2018 low. While this view does not fit my version of the future, I have to admit there is a not a great deal of support below the recent inflection point.

I'm surprised we dropped as low as we have recently , and more downside would not be something I expect

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The fight today is on the 6 hr chart. The shorter term charts look good at the moment.

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