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Epic Pennant on BTC Chart


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2 hours ago, Caracappa said:

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.

 

6 hours ago, Master_of_Brain said:

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

20SuGD1Z

I presume the RSI indicates the stock is "over bought"?...and yet this morning the price is higher

Why do people go on buying when a stock is overbought?  I presume the professionals do not buy in these circumstances.  The volume goes on being high, does this indicate a lot of new green buyers have come into the market?

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Crypto screws with your head. Especially the more inexperienced traders (enough examples of them in this thread) whom have entered in a bull market have done very bad in this bearmarket that started early ‘18. 
 

Same goes for the people who have mostly experienced this bearmarket, they will do very bad in this new bullmarket following trends that are no longer applicable.
 

If this truly is a new trend/cycle wherein the bulls will favor the bears, then these huge retraced people expect will not happen. It will be small flash crashes that will be bought up rather quickly and the price will have immense upwards momentum the same as we had inmense downward pressure the last couple of years. 
 

I am not playing this market, even if you can spot the trends and have great TA know-how, crypto is a very hard market to endure and big wins are easily erased by big losses. But if you like to gamble a bit and use money you don’t really care about, it is another story and you could have some fun. 

Edited by Plikk
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13 minutes ago, Plikk said:

Crypto screws with your head. Especially the more inexperienced traders (enough examples of them in this thread) whom have entered in a bull market have done very bad in this bearmarket that started early ‘18. 
 

Same goes for the people who have mostly experienced this bearmarket, they will do very bad in this new bullmarket following trends that are no longer applicable.
 

If this truly is a new trend/cycle wherein the bulls will favor the bears, then these huge retraced people expect will not happen. It will be small flash crashes that will be bought up rather quickly and the price will have immense upwards momentum the same as we had inmense downward pressure the last couple of years. 
 

I am not playing this market, even if you can spot the trends and have great TA know-how, crypto is a very hard market to endure and big wins are easily erased by big losses. But if you like to gamble a bit and use money you don’t really care about, it is another story and you could have some fun. 

my thought are the same.  Every one who sold and rebought in a bear market would have made money, because until the market turns they always have opportunities to buy at a lower price.

The opposite is true of a bull market, the later you buy the fewer coins you get, sell and buy back in is very risky because you a likely to have to buy at a higher price than you sold out.  But in a bull everyone should win.

 

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6 minutes ago, Julian_Williams said:

mijn gedachte is hetzelfde. Iedereen die op een bearmarkt heeft verkocht en opnieuw heeft gekocht, zou geld hebben verdiend, want totdat de markt verandert, hebben ze altijd de mogelijkheid om tegen een lagere prijs te kopen.

Het omgekeerde geldt voor een bullmarkt, hoe later u koopt, hoe minder munten u krijgt, verkoopt en terugkoopt, is zeer riskant omdat u waarschijnlijk tegen een hogere prijs moet kopen dan dat u uitverkocht bent. Maar bij een stier zou iedereen moeten winnen.

 

 Now that xrp was around 20 cents for a while, we could make about 33% profit by selling it now and buy it back when it goes down

to 20 cents again, but there's always the risk that xrp won't drop any lower than this 30 cents it is right now or even go a little higher

so i don't dare to take that risk. I wish that i never swapped my btc for xrp, because with btc i would dare to take more risks

because btc is going up and down more frequently than xrp since the ath, and we could have double or even triple

our investments with btc by now.

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As said before, the smartest thing for most to do is HODL in a new bull market. 

But as to the daily RSI not being effective as a trading tool... find an instance in BTC or XRP where the RSI reached this level and did not correct.  RSI has almost never been this high for XRP, even going back to the big bull run in 2017.  It always corrects.

Patience is the missing ingredient.  Most don't have it.  And since XRP is highly likely to be higher in 3 months than it is right now, just buy it and stop checking if you can't stand being out of the market.  FOMO wrecks even the best laid plans.

Edited by Master_of_Brain
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7 minutes ago, Master_of_Brain said:

As said before, the smartest thing for most to do is HODL in a new bull market. 

But as to the daily RSI not being effective as a trading tool... find an instance in BTC or XRP where the RSI reached this level and did not correct.  RSI has almost never been this high for XRP, even going back to the big bull run in 2017.  It always corrects.

About RSI indicating incoming correction - I don't doubt you.

Can we hope for a short sharp correction?

 

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1 minute ago, Julian_Williams said:

About RSI indicating incoming correction - I don't doubt you.

Can we hope for a short sharp correction?

 

I see two reasonable options: a few day pullback to $0.24-0.26 OR a longer grind consolidation period at slightly higher prices until the RSI burns off and ready to move up.  The higher we go right now, the more likely a sharper correction.

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19 minutes ago, Master_of_Brain said:

As said before, the smartest thing for most to do is HODL in a new bull market. 

But as to the daily RSI not being effective as a trading tool... find an instance in BTC or XRP where the RSI reached this level and did not correct.  RSI has almost never been this high for XRP, even going back to the big bull run in 2017.  It always corrects.

Patience is the missing ingredient.  Most don't have it.  And since XRP is highly likely to be higher in 3 months than it is right now, just buy it and stop checking if you can't stand being out of the market.  FOMO wrecks even the best laid plans.

The RSI is a rolling figure calculated from previous days. 

It's important to say the RSI can be corrected on a sideways price movement. Which I've seen many times. 

An RSI correction is not the same as a price correction. 

Cheers. 

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I've managed to gtfo of work in order to buy back if breakout happens.

I personally could see a stagnation in dollar but a rise in /btc pair due to BTC.D looking weak. That would a bit far-fetched as it doesn't happen very often. (september 2018).

Edited by CarloPonzi
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RSI on BTC has normalized a bit and just broke above a trend line I am watching, so I have re-entered (sold at 11600, back in at 11300).  Not quite the price differential I was hoping for but I am not wanting to miss out on a big upside move.   Applying pretty tight stops in case this is a fakeout.

I will not be rotating anything into XRP or ETH for the time being.

6Br0SAJe

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Fully aware that crypto can do some crazy stuff, I just don't think we are in the balls-to-the-wall full parabolic blow off phase yet.  The daily RSI, along with the falling volume on rising price, all have me leery of XRP's current move.  BTC's chart looks much healthier to me ATM.  

But for those in XRP right now, enjoy the pump!  Who knows how high this can go. 

HaVuWU23

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13 minutes ago, Master_of_Brain said:

Fully aware that crypto can do some crazy stuff, I just don't think we are in the balls-to-the-wall full parabolic blow off phase yet.  The daily RSI, along with the falling volume on rising price, all have me leery of XRP's current move.  BTC's chart looks much healthier to me ATM.  

But for those in XRP right now, enjoy the pump!  Who knows how high this can go. 

HaVuWU23

I am enjoying it.  I see this pump for XRP, which is that little bit stronger than other top ten coins, as a psychologically powerful moment.   XRP have come to the races at last, and is not to be simply discounted as the DA that will always fail to keep up.

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