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Epic Pennant on BTC Chart


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6 hours ago, ripplewaytogo said:

So what caused the 40% raise in the BCH?

Um, er,  any of a million different things?  One whale?  A tiny snowball rise that grew as others followed?  Some company none of us have heard of buying in?

I really hope you don’t think “because BCH went up 40% = Brad must be buying it with sold XRP”.

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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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If you have a few minutes have a look at this video by Trader SZ. He's good mates with the main traders on Bitcoin Trade Group which I'm a member of, and uses the same price action concepts that the others use.

I wish there were more publicly available videos by one of the main traders on BTG, who goes by the twitter handle Tyler Durden, previously called himself Trader $carface. He is incredible, and virtually every one of the videos he does on BTG is gold dust. Anyway enjoy this one if you have time.

 

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29 minutes ago, Eric123 said:

Still looking for the completion of the Reverse H&S pattern.  Again the major price points to watch as I see them are $9,500 and $12,000.  On another good note if we maintain these price levels for another 10 days or so we should get a golden cross  of the 50 Day EMA and the 100 Day EMA

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Yeah. I don't use moving averages in my trading as yet but I worry we won't hold those prices for that long. That 9k-9,2k level seems very important. A lot of people will be shorting there I think, which could fuel a further move up but I may be one of the people shorting depending on how we get there.

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2 hours ago, djdhrubs said:

If you have a few minutes have a look at this video by Trader SZ. He's good mates with the main traders on Bitcoin Trade Group which I'm a member of, and uses the same price action concepts that the others use.

I wish there were more publicly available videos by one of the main traders on BTG, who goes by the twitter handle Tyler Durden, previously called himself Trader $carface. He is incredible, and virtually every one of the videos he does on BTG is gold dust. Anyway enjoy this one if you have time.

 

Tyler seems like a permabear. Isnt he still calling for 4k btc?

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3 hours ago, invest2lose said:

Tyler seems like a permabear. Isnt he still calling for 4k btc?

Going by twitter? No he’s not a permabear but he’s of the opinion that the low of the year isn’t in yet. He’s very bullish long term. However he will change his mind of the chart tells him to.

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I’m kind of surprised how weak XRP increases compared to other coins but when it dumps, it dumps as hard. Not sure if it has something to do with that court case. On the other hand, trend is quite similar to 2017 so from that perspective I’m not really that surprised.

Edited by Raekwon
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Cycle analysis point of interest regarding my chart...

You will notice that the pivots form triangles (dotted yellow lines).

When there is no trend, ie price is flat, the high-point of the triangle is roughly mid-way between the lows. When the trend is down, the mid-point skews to the left and when it is up the high pivot skews to the right. This can be used as confirmation of the underlying trend and also indicative of it's strength.

Another point of confirmation is the direction of the envelopes, ie. red, green and blue.

Edited by jMusic
envelope confirmation added.
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