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Epic Pennant on BTC Chart


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3 hours ago, Nat99 said:

why did you draw the two downward trendlines on close and the upward trendline on the low?

I had an uptrend line based on the closes from May 23 and 28 but it was broken to the downside (it's above the line now) but the chart looked too cluttered with it in there.  I usually just use "closes"  although as you know "closes" are just an artificial term for bitcoin as it never really closes.  I really just put the uptrend line on the lows for reference. An uptrend line from the closes of May 29 and June 1 would fit in there better and be more indicative of this whole sideways movement coming to a head.    You got me thinking out loud and here it is.

6 3 2021.png

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3 hours ago, Troote said:

You are not looking at volume. There is no volume supporting this recent swing up. It is currently sitting at its lowest level since December. Unless that changes and the volume picks up in a matter of days, we will come back down to the bottom of the consolidation channel sooner rather than later.

I agree - My original response did mention that I feel volume is too low to be a breakout.  Volume in a symmetrical triangle is expected to decrease.  Volume needs to pick up that is the bottom line.

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21 minutes ago, NMNR said:

Someone or something really doesnt wanna see btc go beyond $40K. 

Trader is in control of the market, set a sell wall high at 39500, wait for it to drop and buy back again. Rinse and repeat.

Unless the buying power break through that all in 1 go, we hodlers are still inside the washing machine.

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9 minutes ago, NMNR said:

Someone needs to sort Elon out. He clearly isn't happy about Tesla share price and is taking it out on crypto and bitcoin. What a flea bag. 

I seen it as a trigger to sell as BTC cannot break 39500. If it is not his tweet, the market will still go down eventually. Just that his tweet shift the time slide that make it happen at this moment.

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I honestly don’t care about Elon. I think his “influence” is overrated. Sure he could pump some low cap shitcoin like Doge, but he doesn’t have the power to move the whole market just from his tweets of thinking out loud. 
People give him too much credit. The market has been following previous fractals waay too eeriely closely, with or without Elon in the picture. 

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1 hour ago, Xrpdude said:

@MQBoh look, today's market is moving downwards and it's nothing to do at all with Elon Musk's tweets. (facepalm)

Remind me why you’re still here, again? You said you sold your bags at $1.40. Sounds like you got a decent return, unless your buy was higher than that. Time to move on perhaps? 

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$0.94, we should be at least 5x this price if it wasn't for this SEC lawsuit.

And now the SEC wants more time(60 days) to investigate ripple after all those years preparing for this lawsuit.

 

It's just plain crazy.

:nea:

 

Edited by XrpWave
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18 minutes ago, XrpWave said:

$0.94, we should be at least 5x this price if it wasn't for this SEC lawsuit.

And now the SEC wants more time(60 days) to investigate ripple after all those years preparing for this lawsuit.

 

It's just plain crazy.

:nea:

 

Hope the Judge issues a big, fat denial, but something tells me she might grant it just to get them out of her face and they can come back when they’re ready to settle. 
 

Hope I’m super wrong, though. :ireful1:

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20 minutes ago, Neurotoxin said:

Hope the Judge issues a big, fat denial, but something tells me she might grant it just to get them out of her face and they can come back when they’re ready to settle. 
 

Hope I’m super wrong, though. :ireful1:

As I understand it, it pushes discovery out by 120 days; 60 days for documentation and 60 days for expert witnesses - thus making earliest discovery completion October.  The judge knows 30k private investors are losing money by this action and feel let down by SEC, but it is also normal to grant extensions.  Perhaps she could grant them another 2 weeks, but perhaps that is me being optimistic.

The other thing is that Ripple are quite likely to want to go to trial so that they can get full clarity.

Edited by Julian_Williams
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