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26 minutes ago, UrzasLegacy said:

What the heck does 2014 high have to do with 2017 support levels?

its merely a reference point.

in technical analysis terms: an "academic study of historical chart patterns and trends" 

http://www.investopedia.com/terms/t/technical-analysis-of-stocks-and-trends.asp

sometimes traders who use leverage in the exchanges use these reference points as means to "predict" future behavior in an underlying asset. 

Here's a trader that I follow 

https://www.tradingview.com/chart/XRPUSDT/VReSuvSD-Ripple-Cup-and-Handle/

I perceive you have a fundamentalist point of view when investing. I respect that. I look at the fundamental point of view when understanding the "goods" but use technical analysis when trying to understand the market trends. 

 

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41 minutes ago, UrzasLegacy said:

The volume back then was peanuts compared to post-2016! Seriously, that particular chart on Polo shows less than 50mil xrp for that entire "bubble." If you (very) liberally apply the high at the time (~$.05) to all of that volume it's in the neighborhood of 2.5mil USD. That is NOTHING.

That is a fundamental way of seeing why it rebounded off of the 2014 high. What you are saying is accurate but another piece to that answer is when, how, and at what price will that occur and reflect in the market trends? That is what technical analysis seeks to understand.

~vires in numeris

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Very slight raise

 

if it rebounds back to 45 cents or so but bitcoin stays the sme

then we can celebrate lol

Edited by Jun

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2 hours ago, p14413 said:

its merely a reference point.

in technical analysis terms: an "academic study of historical chart patterns and trends" 

http://www.investopedia.com/terms/t/technical-analysis-of-stocks-and-trends.asp

sometimes traders who use leverage in the exchanges use these reference points as means to "predict" future behavior in an underlying asset. 

Here's a trader that I follow 

https://www.tradingview.com/chart/XRPUSDT/VReSuvSD-Ripple-Cup-and-Handle/

I perceive you have a fundamentalist point of view when investing. I respect that. I look at the fundamental point of view when understanding the "goods" but use technical analysis when trying to understand the market trends. 

 

I can understand the psychological point of what you're saying. Strength in numbers. In fact, I'd go so far as to say that's one of the main forces of what makes TA work in the first place. Kind of a recursive way to go about things and I think it's kind of inane, but I do get it.

Two points for you to consider:

1. Spreading charts like that in the hopes that people follow the lead could be considered basically the same (if opposite) as spreading FUD. It's not based on fundamentals, but psychology.

2. Perspective matters. XRP/BTC pair? Linear vs Log? Why choose to pair XRP against a highly variable base in a linear format instead of a steadily declining base like USD in log? I've seen it explained around on the forums, but it doesn't make sense to me even so. It seems like cherry picking. I admit that, though it might not make sense to me, it could very well have a legitimate reason over XRP/stablebase, so I'm very open to discourse on the matter.

Thank you for your replies.

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2 minutes ago, UrzasLegacy said:

Spreading charts like that in the hopes that people follow the lead could be considered basically the same (if opposite) as spreading FUD.

I am not trying to spread FUD to others nor am I trying to lead anyone. I am merely explaining my point of view. Is it wrong for me to do so? 

I am sorry you are taking it as FUD. You are entitled to your opinion. 

 

 

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2 minutes ago, p14413 said:

I am not trying to spread FUD to others nor am I trying to lead anyone. I am merely explaining my point of view. Is it wrong for me to do so? 

I am sorry you are taking it as FUD. You are entitled to your opinion. 

 

 

Misunderstanding, I apologize. We're both on the same side of this and want to see XRP go up. I don't see it as FUD, merely driven in the same way.

If you need to spread your point of view in order for it to work, then I consider it somewhat misleading in that way.

Edited by UrzasLegacy
formatting

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1 minute ago, UrzasLegacy said:

We're both on the same side of this and want to see XRP go up

Agreed. No offense taken. This is a learning experience for both of us. 

2 minutes ago, UrzasLegacy said:

then I consider it somewhat misleading in that way.

Always feel free to state your point of view. I am all ears. If you do it is an opportunity for me to understand and grow. 

 

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Just now, p14413 said:

Agreed. No offense taken. This is a learning experience for both of us. 

Always feel free to state your point of view. I am all ears. If you do it is an opportunity for me to understand and grow. 

 

I'm a major proponent of the Socratic method :) My SO would be the first to tell you how frustrating I can be about it lol.

I appreciate your perspective and I certainly don't intend to stifle it on these forums where reasonable discourse is encouraged. I understand where you're coming from and you're not alone there.

My amateur trading days are far behind me, and you're right that I approach this with a fundamentalist perspective. Just repping the other side for balance' sake :)

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4 hours ago, UrzasLegacy said:

Can someone please, PLEASE explain to me how this makes any sense at all? I hold my tongue a lot when it comes to chart analysis... I mean I can see how it can be useful as a supplement to a hypothesis and there are actual, tentative conclusions you can draw from patterns. Absolutely, no question there, but more often than not, it seems, people are just drawing lines and conclusions as pure fluff! I couldn't let this one go. What the heck does 2014 high have to do with 2017 support levels? I apologize if I rain on anyone's parade here, but I gotta say something. It's misleading.

The volume back then was peanuts compared to post-2016! Seriously, that particular chart on Polo shows less than 50mil xrp for that entire "bubble." If you (very) liberally apply the high at the time (~$.05) to all of that volume it's in the neighborhood of 2.5mil USD. That is NOTHING.

And the XRPL at the time wasn't much better! Way more volume than Polo back then, obviously, but again, the entire volume of that bubble moves in a day or two now. It's likely that the majority of that volume has been shaken out by the market already in the past 3 years.

Again, sorry to jump off the positivity wagon for a moment, but I felt it necessary to point this out.

I'm pretty sure this was a joke, and a pretty hilarious one considering some of the charting I've seen lately. 

But don't feel bad, my immediate reaction was the same as yours... Again, because I've gotten used to charts like these. 

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Also to add to this, the "support level" in 2014 represented a value of 2 cents, whereas today that same level is 24 cents (or 12x higher). So that chart is woefully inaccurate. If it was shown in dollars or another stable Fiat currency you would be drawing an extremely slanted line between that "support" level and the current "support" level.

Additionally those candle sticks show a huge spread over a very short time, it looks like 1 buyer eating up the order books to fill however many XRP they wanted, which isn't a bad thing, but it certainly doesn't represent another influx of users.

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