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Epic Pennant on BTC Chart


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3 hours ago, Master_of_Brain said:

XRP ran all the way up to $0.32 before correcting.  Looks to me like the local top is in, need to pull back here to reset the RSI before any further gains can be had.  Don't be fooled by the bounce back, strongly likely to decline further from here.  $0.24 to 0.26 good re-entry points.

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I appreciate your insight that you provide for XRP. Not sure how long you have been here but your comments and analysis are a welcome addition.

This is a nice thread that we have and I am sure that investors in other digital assets don't have this same luxury.

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Well guys for those of you that got in late 2017, this is what the beginning of a Bull Market feels like.  There will be ups and downs of course, but it will get much crazier with much higher valuatio

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

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3 hours ago, Eric123 said:

Things have really perked up lately.  Price, volume, interest, volatility.   If this is anything like last time - it is just a fraction of what is to come.  Once the bull market starts (people have different definitions of a bull market, I don't consider it to have started until the old ATH is taken out) and bitcoin breaks $20k the fun will really just be beginning.  If the cycle holds and the price peaks at 10-20x the old ATH there will be days when Bitcoin's price moves $10k+ in a day.

As for today, 5-10% pullbacks are to be expected. In a year people will be envious of anyone that got in at these prices.

The huge volatility is an indication of the lack of liquidity which shows how early we are.  The question is  - How many times will the cycle replay and at what prices will we be at when the cycles settle out?

I don't think the cycles will end until widespread adoption, ie you grandmother is able to use bitcoin on her phone to pay for her Osteoporosis medicine. I don't know what the price of Bitcoin will be at that time but it will be higher.    

 

Yeah.  That sees to be the signal that the bottom has been put it and the start of the upward movement.  

 

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It feels to me like a fundamental change of atmosphere. I think XRP has probably bottomed and this is the beginning of upward cycle to new ATHs.

I completely agree with this cycle will be speculative and similar to the 2017 cycle, but with much higher volume because there are so many more exchanges and you no longer need geek knowledge to join in.  This new openess will mean the profile of the new investors will be very different too.

The volume might be diluted by the choice.   For instance there are more than twice as many coins to choose from, but I would guess newcomers will tend to go for big brand names rather than lesser known coins.

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I would love to think this way , but tbh I see a downtrend for the coming weeks/months.

Things didnt change since march for me , I thought we would go down from 9800$ BTC (80% chance , and 20% chance for 12100$ BTC) , but now that we reached 12100 I do see a slow steady decrease in price , to at least 8k$ . 

I really hope I'm wrong .

Capture d’écran 2020-08-02 à 23.24.28.png

Edited by Baka
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36 minutes ago, Baka said:

I would love to think this way , but tbh I see a downtrend for the coming weeks/months.

Things didnt change since march for me , I thought we would go down from 9800$ BTC (80% chance , and 20% chance for 12100$ BTC) , but now that we reached 12100 I do see a slow steady decrease in price , to at least 8k$ . 

I really hope I'm wrong .

Capture d’écran 2020-08-02 à 23.24.28.png

Its easy to draw lines Baka, but you have to put them in some context.  Where has this idea of yours come from?

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2 hours ago, Baka said:

I would love to think this way , but tbh I see a downtrend for the coming weeks/months.

Things didnt change since march for me , I thought we would go down from 9800$ BTC (80% chance , and 20% chance for 12100$ BTC) , but now that we reached 12100 I do see a slow steady decrease in price , to at least 8k$ . 

I really hope I'm wrong .

Capture d’écran 2020-08-02 à 23.24.28.png

R U leverage shorting BTC?

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4 hours ago, Master_of_Brain said:

Look at the RSI.   You don't buy that RSI, you sell it.

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I find the rsi on the daily to be somewhat misleading as it pops up and down too fast. If you measure RSI on the hourly charts in 2017 you were supposed to sell after a few hours of uptrend.

I prefer the weekly to look at rsi for the bigger trend.

But yes, it could indicate a correction on the smaller time scales.

Edited by Caracappa
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10 hours ago, Baka said:

I would love to think this way , but tbh I see a downtrend for the coming weeks/months.

Things didnt change since march for me , I thought we would go down from 9800$ BTC (80% chance , and 20% chance for 12100$ BTC) , but now that we reached 12100 I do see a slow steady decrease in price , to at least 8k$ . 

I really hope I'm wrong .

Capture d’écran 2020-08-02 à 23.24.28.png

Surely the change by the OCC giving licence for Banks to Custody Crypto is change enough to drive the price? And I agree with tracking RSI on longer timescales; whilst Crypto is a volatile market, a daily strengthening in RSI was a buy signal back in December 2017...

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