Epic Pennant on BTC Chart

[BarnBuilder]

I'd say that was capitulation selling. I added.  My original Wycoff broke down, however, I've seen it redrawn a bit better and it lines up now and makes more sense with the spring phase C.  

I also agree that the oscillations seem to be getting wider which bodes better for a longer upswing.  

The GBTC unlock periods are on us, however.  Capitulation means essentially all sellers are gone and the market can move off the bottom freely.  Those GBTC customers are ones likely to buy large amounts so we'll have to see how they play their cards.  A rally for them to sell into would be convenient for them wouldnt it?

 

[BarnBuilder]

17 minutes ago, xrp-nuke said:

I was hearing it all way down to 29k for a month already all on chain analyst say that whales accumulate. I really think that there is some gap in data that allows a bit more positive outlook than really is.

What is so positive about whales accumulating?  History shows they do this in a bear market that conceivably would have just gotten started.  Equating whales buying BTC at a 60% discount with a bull market is wrong.  Somebody is buying here - duh.  If not, we'd have been at 10K a month ago.  This isnt news.

A BGC isnt going to be enough to reverse the downward spiral.  It might slow it down, but we need a lot more buying to reverse this mess - aka significant follow through with volume.   We need to see better volume than the fading volume we're seeing immediately after the rebound.  If the volume doesnt pick up then I dont see how a bull run will get any traction.  Volume has been the truth teller for quite some time now.

 

[Troote]

I don't understand? You say you added but you also say this is a hard to stop downward spiral? I am confused.

[xrp-nuke]

23 minutes ago, BarnBuilder said:

What is so positive about whales accumulating?  History shows they do this in a bear market that conceivably would have just gotten started.  Equating whales buying BTC at a 60% discount with a bull market is wrong.  Somebody is buying here - duh.  If not, we'd have been at 10K a month ago.  This isnt news.

I did not say that this is positive, I said that on-chain analyst put it as positive trend which I sceptical about as we see price sinking, volumes sinking.

GBTC unlocking event speculators think will bring vilotality, which durection shall see. First starts tomorrow.

For now I expect at least bull trap, which means we can even get to 50k, at most I would say repeat of 2013, or on avg something hybrid, where we hit some low new ATH lets say 80k and going for winter season.

The above are too much positive scenarios.

Now I see that XRPBTC is badly sinking and hope it stops at 1500 - 1600 sats, otherwise welcome to 1k 🥺

[xrp-nuke]

For some reason I thought that GBTC unlock is 23rd of June, but it was hapoening between 18 and 22 June, now we know what that means 🤣🤣🤣

[Neurotoxin]

12 hours ago, Xrpdude said:

If you listened to Eric / others over the last few weeks you're sitting there HODLING while the market bleeds out, every day it's "BIG GREEN CANDLE" - when he should have been saying "BEWARE OF THE INCOMING S*** SHOW!!" I was saying the latter - so right now who would you have been better off listening to?

I don’t mean to stir the pot but that’s exactly why I asked Eric once why he would still be a buyer of XRP if he “had any spare cash” at the moment when we were literally above a dollar. The reason I asked this was because I saw no point in buying at all during a bullmarket when the price has already taken off significantly. If I loaded my bags during the bear market at ~25 (which I did), why would I want to add more zerps at over a dollar? That would only raise my DCA and expose me to significantly more risk. It just didn’t make any sense to me. Of course he ignored the question altogether and just continued to post update of charts, so I didn’t press him further cuz I’m sure I would have gotten an annoyed response and the ignore button (might get it now lol). 
 

I just don’t see the point. Right now the market is in the absolute gutter and it could get worse, but since I bought during the bear market, (and added to my bags in moments where we were in the bullmarket but XRP was still cheap), then I’m totally fine. If I had continued buying when the price was already over a dollar, I would be deeply in the red right now. 
 

With all that said, I’m not convinced we’re in a bear market just yet, but I don’t have to be and I’m not in financial danger. I can just let this ride out and if we go into a bear market well, so be it. If, on the other hand we moon, then I’m smashing that sell button with the swiftness and I’ll have a massive grin on my face for god knows how long. Had I purchased at over a dollar I would be in disarray right now. That’s why I’m always skeptical of ANYBODY who is SURE of ANYTHING. Nobody truly knows if we’re going a long way up or a long way down, it’s all a semi-calculated gamble with a lot of factors that are outside of our control. An extremely volatile market that’s manipulated the hell out of. High risk, high reward. If you don’t have the guts to play the game then it’s best not to. When the market’s in the gutter, everybody gets really toxic and that’s why I’ve been a lot less active in the forum lately and will continue to be most likely. Hope everybody is doing well, though. Hopefully we bounce and recover from this gutter in the near future and we can go back to patting everyone in the back and cracking jokes. 

[Xrpdude]

6 hours ago, Neurotoxin said:

I don’t mean to stir the pot but that’s exactly why I asked Eric once why he would still be a buyer of XRP if he “had any spare cash” at the moment when we were literally above a dollar. The reason I asked this was because I saw no point in buying at all during a bullmarket when the price has already taken off significantly. If I loaded my bags during the bear market at ~25 (which I did), why would I want to add more zerps at over a dollar? That would only raise my DCA and expose me to significantly more risk. It just didn’t make any sense to me. Of course he ignored the question altogether and just continued to post update of charts, so I didn’t press him further cuz I’m sure I would have gotten an annoyed response and the ignore button (might get it now lol). 
 

I just don’t see the point. Right now the market is in the absolute gutter and it could get worse, but since I bought during the bear market, (and added to my bags in moments where we were in the bullmarket but XRP was still cheap), then I’m totally fine. If I had continued buying when the price was already over a dollar, I would be deeply in the red right now. 
 

With all that said, I’m not convinced we’re in a bear market just yet, but I don’t have to be and I’m not in financial danger. I can just let this ride out and if we go into a bear market well, so be it. If, on the other hand we moon, then I’m smashing that sell button with the swiftness and I’ll have a massive grin on my face for god knows how long. Had I purchased at over a dollar I would be in disarray right now. That’s why I’m always skeptical of ANYBODY who is SURE of ANYTHING. Nobody truly knows if we’re going a long way up or a long way down, it’s all a semi-calculated gamble with a lot of factors that are outside of our control. An extremely volatile market that’s manipulated the hell out of. High risk, high reward. If you don’t have the guts to play the game then it’s best not to. When the market’s in the gutter, everybody gets really toxic and that’s why I’ve been a lot less active in the forum lately and will continue to be most likely. Hope everybody is doing well, though. Hopefully we bounce and recover from this gutter in the near future and we can go back to patting everyone in the back and cracking jokes. 

I share your sentiment apart from the 'we're not in a bear market' bit, jeez - how much real world evidence do you need :)???

The thing I find fascinating is that people turn to the bloke that has got it wrong before, but because he 'legitimises' chart drawings with pseudo-science like Elliot Waves or (my favourite) the Wyckoff Method; everybody listens. I bet I'd have a better reaction if I drew some lines on charts and I talked about Fib retracements etc. Being someone with a Degree in Physics I find it genuinely interesting how easily people are duped; not only that actually - I find it intriguing how far people will go to 'explain' their theories and how these can change when they turn out to be wrong. It really does remind me of the Chi Masters you see teaching one touch death moves or no touch pushing, at the end of the day IT'S A CON. The attention seeking behaviour, i.e. posting charts everyday, everyday - even when they keep getting it wrong tells you a few things 1. people like attention and 2. the audience is desperate for a fortune teller and will put their faith into anyone with a big gob. Personally I think it's not harmless, just like the poor fools that pay hundreds / thousands of dollars to be taught by the Chi Master, only to be compromised in a real world situation when they would need to defend themselves (perhaps without the false confidence normally they would turn and run), the poor HODLER holds on because the guru told them there was a BGC on the way!!  

Edited June 23, 2021 by Xrpdude

[Trentsteel]

Eh? Most holders are prepared to go another stretch because XRP hasn’t reached their price target, me included 😬 Not really bothered about the newbies that bought high….. { sorry no offence) tough lesson but if they don’t need the Money for the X amount of years, don’t sell at a loss and wait like the guys did in 2018. Put it to work on Nexo and similar places and let it grow without spending a penny. The worlds not falling in for the people who invested within their means

Anyhow these dips and rises have actually raised my tax burden for next year so, I suppose it’s not all bad PS. Still don’t think this bull market has finished for this year, just buying in the ranges the guys without a clue draw lines of resistance and support, go figure😂

[Trentsteel]

Just now, Trentsteel said:

Eh? Most holders are prepared to go another stretch because XRP hasn’t reached their price target, me included 😬 Not really bothered about the newbies that bought high….. { sorry no offence) tough lesson but if they don’t need the Money for the X amount of years, don’t sell at a loss and wait like the guys did in 2018. Put it to work on Nexo and similar places and let it grow without spending a penny. The worlds not falling in for the people who invested within their means

Anyhow these dips and rises have actually raised my tax burden for next year so, I suppose it’s not all bad PS. Still don’t think this bull market has finished for this year, just buying in the ranges the guys without a clue draw lines of resistance and support, go figure😂

NFA before some snowflake, starts moaning 

[xrp-nuke]

1 minute ago, Trentsteel said:

Eh? Most holders are prepared to go another stretch because XRP hasn’t reached their price target, me included 😬 Not really bothered about the newbies that bought high….. { sorry no offence) tough lesson but if they don’t need the Money for the X amount of years, don’t sell at a loss and wait like the guys did in 2018. Put it to work on Nexo and similar places and let it grow without spending a penny. The worlds not falling in for the people who invested within their means

Anyhow these dips and rises have actually raised my tax burden for next year so, I suppose it’s not all bad PS. Still don’t think this bull market has finished for this year, just buying in the ranges the guys without a clue draw lines of resistance and support, go figure😂

Why earn 8-10% apy when you can trade within range with up to 100% returns, if we speak about years.

[Trentsteel]

13 minutes ago, xrp-nuke said:

Why earn 8-10% apy when you can trade within range with up to 100% returns, if we speak about years.

Because a lot of holders don’t like trading especially with leverage and most newbies are reluctant to open themselves up for more losses….. I respect that more than someone trying to chase their losses and getting totally realt 🙈 Rekt … auto correct 

Edited June 23, 2021 by Trentsteel

[Julian_Williams]

Its a bit odd that people want to divide the world in to people who are/were right, and aren't/weren't right.  Listen to what others are saying and make your decisions on the key factors you think are/will be driving the market in the future.  Beware that increasing numbers of analysist are predicting a 1929 style stock market crash in coming months/years.

Eric's predictions have been very close to accurate for most of the bull market to date, but just now people are fretting that the bull market has come to an earlier than expected end.   I think the turbulence is largely because Musk overheated the market and then the Chinese closed down a big section of the BTC miners,  then these miners are funding their relocation by selling BTC stock.  (just my take)

I am agnostic, I can see the pessimists may be right, I need to let this play out before making my personal decisions.  If you were exposed, like I was a few days ago, get a strategy to de-risk (that does not necessarily mean sell everything now, it means work out a strategy that suits your self and put it in place).

One thing I feel certain about; anyone who learns how to trade crypto now will be very rich in coming years.  This technology is going to rule the financial world, and owners of the key tokens in those markets will see their tokens value multiply by x 10, x100 and sometimes X1000.  But the market you are in is cruel, dishonest, unregulated and there are players who will shaft you if you buy high.  Be sensible.

Edited June 23, 2021 by Julian_Williams

[BarnBuilder]

13 hours ago, Troote said:

I don't understand? You say you added but you also say this is a hard to stop downward spiral? I am confused.

As the price drops, there are minor upwards corrections along the way.  Yesterday we saw capitulation selling, and a strong rebound.  I started buying at capitulation.  We broke above and retested the previous downward channel which is even better so I added more.  While I think downward pressure over the next few months is possible, I think there's upside right now.  I missed the opportunity to sell at 41.5K, but the oscillations are widening and I think I'll get another chance.  The bottom line is that I trade daily/intraday, and I see opportunities over the next few days.  Who knows maybe I'm on the train to 300K.  Gotta stay in the game to find out, but my investment is still only 10% of my crypto portfolio so its just like I'm testing the waters.

Recently, I took a small loss because I sold my small position at 33-36K after it missed my sell order at 41.5K.  Again, that doesnt mean I'm out.  I just have to protect my trade.  Once a new opportunity presented itself, I got right back on.

I think there is a very good chance this returns back to 29-31K.  I'll add in that range, and be a lot more bullish if that retest holds.

I am also keeping a closer eye on the DJIA and NDX.  The NDX just set an ATH and DJIA is trading above the centerline of its power channel.  So, while I see some cracks in the DJIA, its still bullish.   

 

[Eric123]

Like I posted, I took advantage of the buying opportunity yesterday.  I bought just a little Bitcoin (don't have much cash to buy and my bags are full, but I couldn't resist) but got in at $29,600.  That is the highest price at which I ever bought Bitcoin, my last purchase before that was May 2020 when it was below $9k.

Still waiting on the BGC which will break Bitcoin out of the $30k - $40k trading range.

Over the last month prices have ranged higher and lower but they are generally in the same vicinity albeit a lower on some coins, most notably NEO and XRP. 

On 5/23/2021 at 8:49 AM, Eric123 said:

No cash left but want to buy Everything!!!!

NEO only $41 

OMG only $4

LTC only $137

XRP only .72

ETH below$ 2kk-$

BTC below $35K

Let's see how long this lasts, I doubt it will last long!!

 

here we are one month later

NEO - 34

OMG 3.77

LTC 131

XRP .65

ETH 2002

BTC 34,145

 

@Nat99  I think Ripple has focused on a good use case for XRP and I think it will succeed as a bank payment transfer system.  Additionally I'm optimistic about the Flare Network.  Some cryptos will fall away and some will succeed.  I'm confident XRP will be one of the successful ones. 

 

[Nat99]

2 hours ago, Eric123 said:

I'm confident XRP will be one of the successful ones

Thanks. So, the follow-up question to that would be: What to do when you sell some of your XRP this bull run?

Given increased adoption of BTC as a legal tender (world wide adoption, well noted), will you convert your XRP gains into BTC, or will you stay in fiat for a while, because you assume that there is somewhat of a usual cycle that will cool off and you'll get more BTC for your fiat?

I guess the question is: Have you moved (when will you move) to the Bitcoin standard already?