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Epic Pennant on BTC Chart


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11 hours ago, JASCoder said:

Which does beg the question...
What entity (or collaborative entities) has the invested capital in so many tokens to be in the position to game the global markets so significantly like this ?

Many users here will call statements like that tinfoil hatty, even though it’s blatantly obvious that the market’s manipulated by a minority. They even laugh at Wyckoff distributions actually being a real thing. They dismiss it completely even though it’s happened so many times. 

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2 minutes ago, Xrpdude said:

Not me, embarrassingly I'd have no clue how to do that tbh. I was so convinced I came out of everything I had (main bags were xrp plus other tokens) so I put my money where my mouth was, since then so far I've been proven right. I won't be trading or anything, I'll buy back in at some point, not yet though. Xrp could still do well if there's settlement soon 

Pretty sure you can just margin trade on Binance to short the market. Do a quick google search on how to short cryptocurrencies and make money on the way down in this bearmarket! Wasted opportunity not to. 

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1 minute ago, Neurotoxin said:

Pretty sure you can just margin trade on Binance to short the market. Do a quick google search on how to short cryptocurrencies and make money on the way down in this bearmarket! Wasted opportunity not to. 

I'm not a trader, great way to lose money 

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8 minutes ago, Neurotoxin said:

But it’s clearly a bear market, right? So prices are going down for sure. Why not short such an obvious event? 

Can't you get wiped out by random green ghost candles etc.? Not for me thanks. It is clearly a bear market to me yes. That's why around two and a half weeks ago I sold <- I wouldn't have sold if I wasn't convinced. 

 

Why don't you day trade, you're so convinced TA works. You could make millions drawing triangles and lines on charts. ;)

Edited by Xrpdude
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57 minutes ago, Xrpdude said:

Why don't you day trade, you're so convinced TA works. You could make millions drawing triangles and lines on charts. ;)

Because, unlike you, I’m not actually CONVINCED of anything as of yet. The money I have on the line is just for pure speculation, thinking it has a good enough chance to go up in the not so distant future and the risk to reward ratio is fit for me. 
 

On another note, I have recently entertained the idea of actually learning the technicals and giving it a try, so you’re not TOO far off. 

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22 hours ago, BarnBuilder said:

I updated a very bearish prediction last night that is based on a corrective line fractal that I simply copied from the 2017 market top and laid over top of the current chart.  They match up frighteningly well once you assume that this cycle did not have a blowoff top.  In fact, it predicted this latest breakdown.  I plotted that line not because I believe its true or the most logical outcome, but to show myself the possibility that the market top is in and the bullish narrative might be wrong.   There are an overwhelming number of other indicators, but this one really answered my question for me.  At that point, the risk to reward became too high for me and I pulled the rest of my money out of the market.   

Now, I have the problem of not wanting to miss a major pulse up, or worse yet, a restart of the bull market.  So, I'm looking for an opportunity to jump back in, and I cant be too bearish or I'll miss it.  Here is a more realistic possibility that I see potentially unfolding. 

Frankly, I was slow to react to the correction in April because I was in disbelief based on the bull market narrative that this is "normal".  I tried to fit a Wycoff accumulation pattern into the price action when it was really a Wycoff distribution.  Well, I learned a lot about the Wycoff accumulation during that period :( .  The biggest take away is that distribution is into rising prices and accumulation is into lowering prices.  This latest base period is starting to match up with a Wycoff accumulation.  If true, this latest dip may be the latter phase of the pattern - eventhough Wycoff's are historically very long cycles.

In this case, we may take out the 30K low, but if you are hodling, dont lose heart.  I believe the best time to spring out of the mess would be at the death cross which I predict will happen around Jun 15.  At that point, I believe market sentiment will be extremely fearful and the best time to keep the order books light.  There is precedence for this.  I'll be looking to take a big position on a reversal sign down here.

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The doomsday scenario of 20K seems less likely at this point.  Price action in the low 30K range again showed buyers outnumber sellers.  Buyers have refused to let price drop below 30K and this time, despite a lot of FUD, we really didnt even threaten 30K.  I'm beginning to see the Wycoff accumulation pattern emerge as a means to visualize a recovery.  So far we see a big bump off the bottom of the spring.  Volume is robust.  Sellers are selling, but buyers are eating it up.  I'm looking for a retrace within the next day or so that tests the low around 33300image.png.aa55ff1850889302f0adc0841d8c7372.png

 

Edited by BarnBuilder
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Bitcoin's price has broken above 2 downtrend lines and the bollinger bands are back to contracting. Still waiting on the big green candle.

The last two days will be erased.  I was a little confused by the drop at first.  Apparently people got spooked and sold because they actually thought it was possible that the FBI hacked a bitcoin wallet.  When I first heard the news I figured the FBI may have taken the bitcoin from an exchange but I knew a bitcoin wallet wasn't hacked.  In fact I didn't think it was possible that someone would believe that a bitcoin wallet could be hacked.  If you had every computer on 10,000,000 Earths working on nothing but hacking a bitcoin wallet all the stars in the universe would burn out before they even got close to hacking a bitcoin wallet.

If you think the FBI can hack a bitcoin wallet - you don't know enough about bitcoin to invest in bitcoin.

Anyway I guess it was a learning moment for the people that panic sold as well as myself.  I overestimated the discernment of the investors. 

 

6 9 21.png

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1 hour ago, richxrp said:

We kinda already know this from the fact that doge is in the upper echelons of the top 10.

1 DOGE will always equal 1 DOGE. That's how expert portfolio managers look at it. Great investment it is.

Edited by AlejoMoreno
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1 hour ago, xrp-nuke said:

😳

Not out of the woods, and I'm still bearish, but the price action is what it is.  The price was held 3 times at 32K and that was good enough for me to buy.  Now the question is how high will it go.  Answer is?  Eric123 = 400k, Blockchain Backer 75K, JP Morgan 120K.  Me, I have no idea, but they protected the golden goose from catastrophe so far so who knows what the next step is.  All I can say is the buying is relentless.   Yesterday I bought every dip and the price never failed to soar even higher.    

Short sellers are absolutely not buying this pump.  Short interest has gone exponential (see below).  Too me, that is good because the price went up against that additional sell pressure.  The real sellers between 30-36K have clearly been exhausted as we witnessed in the dwindling volume during the symmetrical triangle.  So, this push was easy. 

38K is the upper edge of the symmetrical triangle.  Wycoff accumulation pattern shows some headwinds here, and then off to the races.  If price pushes through this level, I believe there will be a rush of buying off the breakout from the symmetrical triangle.  With sustained intensity upward, the news narrative will turn bullish again.  If we are going to a 2nd top, too me, its do or die.  My bags are now full of BTC. I'll rotate out if it breaks down at 38K or I dont see volume at this price.  If it gets past 38-40K, I'll reevaluate at 54K which is the .702 fib.  If it stalls there I'll probably be selling something.  If it breaks 54K the I'll sell at  75K.  Thats my plan.  

The real question is what are the alts going to do?  Looks like there is rotation back into BTC for now.

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image.thumb.png.8cab10bb9694d9f81dc2dc3befeefe7c.png

 

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