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Epic Pennant on BTC Chart


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1 hour ago, Seoulite said:

notice how he says “Tesla “ cuz you know he was dumping on the plebs at 64k

Oh for sure! He ain’t stupid. He’ll I happily dumped mine at ~48k. Dumping at the top with the stack he must’ve had would have net an astronomical profit. This coupled with the fact that he might have known that was gonna be the top for the time being since all these rich dudes know each other and can play around with markets easily. 

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1 hour ago, Seoulite said:

I think all this crap actually helps Ripple vs SEC, because it is showing that ripple is actually a very responsible participant in the market compared to others, and Elon Musk is moving the xrp price with his tweets more than ripple ever could.

At this point the two biggest influences on the price of xrp are Elon musk and the SEC :crazy:

Which gives me even more reason to believe XRP will moon sooner rather than later. What if they settle soon? If you time that good news with other good news, the FOMO we get could send us flying god knows how high. Just everyone remember to stick to your plans and not get greedy and emotional. Gotta keep those in check. 

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2 hours ago, Seoulite said:

At this point the two biggest influences on the price of xrp are Elon musk and the SEC :crazy:

Strictly speaking, during last month or so EM was moving only BTC + DOGE and only secondarily XRP + other alts. Of the big factors, XRP price is impacted by two: – SEC (short-to-medium term) and – Ripple (long term)*. SEC is responsible. for the current depression of XRP price. Ripple is responsible for creating these conditions of extreme XRP volatility.

My point on XRP volatility – example from yesterday, 17.05.2021: H=1,30 Eur, L=1,08 Eur (as per Bitstamp), intraday delta > 20 Eurocents. This is bad for hodlers, but also a veritable profit machine for traders. I am wondering, if we can speak of two types of XRP utility now: one – THE transfer asset, the other – THE speculation vehicle.

* — I exclude "whales" from this analysis, for they are jumping from asset to asset (like pumping XRP two days ago and then pumping ADA yesterday), and their impact is spread out more or less evenly.

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Oh look microstrat, tesla and square all going down in the premarket, bloomberg talking about the effect of having bitcoin on their balance sheets and how its effecting the share price. 

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5 minutes ago, Begofend said:

Oh look microstrat, tesla and square all going down in the premarket, bloomberg talking about the effect of having bitcoin on their balance sheets and how its effecting the share price. 

Theyve probably made mtm gains on btc than their stock. You can hedge stock price a hell lot easier than bitcoin. 

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5 minutes ago, NMNR said:

Theyve probably made mtm gains on btc than their stock. You can hedge stock price a hell lot easier than bitcoin. 

I made the suggestion a couple of weeks ago that other companies wont add bitcoin to their balance sheet as it correlates to their stock price, i was told i was mad, looks like its all playing out now. 

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Not sure why people are so concerned with the recent btc price action...

2034117782_btc5-17-21.thumb.png.e73d9c736f848c91466db5e863075aae.png

...and as to Musk, there is a suggestion that he is playing 4D chess with hedge funds in the GameStop/AMC naked shorting saga. Some HF's (eg. Citadel and Melvin) are supposedly under pressure to cover and Musk is dropping the btc price to reduce their btc profits and thereby their ability to meet the margin calls. I can't comment on the veracity of these claims but it's possible.

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Well Bitcoin got a bit of a dump this weekend.  Once some momentum starts to the downside whales piggy back on that and drive the price down further.  Like I say crypto always surprises to the Upside and the Downside.  I am not worried the Bull Cycle is still in effect and I still expect to hit that $400k price target in this Bull Cycle.  Bitcoin's liquidity remains low and leveraged trading is high, volatility is to be expected.   The price broke through the support line I drew a while ago (drawn none too carefully I might add) but we are currently above the line and I expect Bitcoin will "close" above it.  Bitcoin is still in the same price range it has been in since February.

5 17 2021.png

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5 hours ago, Eric123 said:

I think the price probably turns around here.

It’s a helluva bumpy road! Hope you’re right cuz I’m tired of this ranging we’ve been doing for so long. :big_boss:

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15 minutes ago, Eric123 said:

A 218 sell in 1 minute dropped the price below yesterday's low. 

5.png

I stacked up in my sells of BNB and ETH yesterday, thought I might have hit the bottom.... up and I’m looking happy but still better off if I had hodl through a 9% dump..... time will tell, like I said, this bull run is not over yet, IMO..... NFA 😬

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7 hours ago, Eric123 said:

Well I guess the Big question is "Did Bitcoin Bottom Yesterday?" or will it go down below $42,100.  Yesterday was a high volume day 12k plus.  Is the Bottom in?  I might be wrong, but I think it is.  I'd be buying here.

XRP is looking to break out. Looks like it will explode up soon. 

5 18 2021.png

xrp.png

I really do hope 42k was the bottom, would mean we still have at least a few more months left of bullrun 😬

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Posted (edited)
1 hour ago, Neurotoxin said:

I really do hope 42k was the bottom, would mean we still have at least a few more months left of bullrun 😬

I share the same hope, but if you look at the BTC chart objectively, it looks like we are done. It is the log scale charts and various "metrics" that people have pulled out of their *ss (and which conveniently work for past cycles) that make people say we are still in a bullrun. Nothing guarantees the previous patterns will repeat themselves here. I have read people saying "we can't be done here, there is no red dot on the heatmap chart". As if the market cares whether there is a red dot or not. This kind of delusion is downright dangerous.

And by the way, ETH has printed a very clear blow off top...

I am still holding but we are playing with fire right now. My head is telling me to sell whilst my overall holdings are still very close to their ATH, but the addiction to gambling is unfortunately very, very real...

Edited by Troote
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