Decent trade, small profits, profits are profits. Closed for now, alts may do well in bitcoin weakness.
Komen
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Back out at again due to the failure to remain above the blue line horizontal resistance. Starting to look like a bear flag/pennant: While I'm bearish on bitcoin, alts in general may not due so well this time around, litecoin may steal their thunder.
Komen
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Going back to the EW count in the beginning of the idea, I think this probably a more accurate count (1d chart zoomed in): Why? Well this recent rally up looks more like a corrective wave, tough to justify a 5 wave impulsive pattern there. So this would make more sense.
Komen
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Broke key support on the daily (green line)...looks like she's heading downtown. Red line next stop:
Komen
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Trade closed for now, great trade, caught pretty much the whole trend down. Breaking back above resistance now, finally some volume came. Downtrend probably still not over, so may look to short again later, we’ll see.
Dagangan aktif
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Honey Badger is about to go wild, people are quitting their jobs to trade alts, noobs running wild. Short, will probably add more if we happen to go higher.
Komen
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Many getting bullish on xmr, but idk still seems bearish to me...
Komen
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Closed on the break of black trendline on the daily, small loss.
Komen
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Sold again when it appeared horizontal resistance on the daily would not hold, seems like an alt coin apocolapse today
Komen
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This seems like an a-b-c correction up on the daily...
Komen
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Heading downtown:
Komen
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Looks like support on the daily is holding, trade closed
Komen
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Sold again on the rejection of the .618 fib: Bitcoin about to go parabolic IMO, alts will not keep up. If we break back above the .618 then OKAY.
Komen
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Such alt doom much wow, slammed down again to support, 1d rsi meeting big support line, will this hold? If not this is going way downtown stay tuned:
Komen
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Komen
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Looks like this is going to break soon and fall off a cliff:
Komen
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Broke down out of the descending triangle, and broke the .618 fib into the danger zone. Looks real ominous : )
Komen
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Just adding this published chart:
Komen
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This was a nice chart : )
Komen
Daxxi
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Isn't that showing how strong BTC is?
Compared to something a bit less exciting, XMR looks quite healthy.
Daxxi
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@Daxxi, That was in response to your comment "Many getting bullish on xmr ...", btw.
pdmaster
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@Daxxi, I agree, Monero is healthy and will be a good investment. people pumping up coins like stellar, bitshares, potcoin,digitcoin. monero is way more useful.
@pdmaster, Just seeing these, both are good points. Yes it is sort of an indication of bitcoin more, but thats also important as it is one input in the pair. Although admittedly, strangely alts have done well much more frequently during bitcoin bull runs over the last few months. And also yes xmr is a great coin, I am a huge fan of it, but to me it just seemed like lower prices were ahead, but now its starting to look like i was wrong.
I think the bigger question now is how alts will (in general) react if that was just another dip and bitcoin continues to go parabolic here. They have done well in the past, will it continue? We'll see.
pdmaster
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@btc_joe, Very true, years ago alt coin dump while bitcoin bull runs. I think it is mainly how much more fresh capital has enter the market and much greater project such as golem start to make people realize the value of blockchain tech. Honestly I think every useful coin will have more asymmetric opportunity to come in next couple years. But now I'm concern about longing many coin as a trade at this stage. People have been accumulating at a high price, position keep reversing, it is risky for any trader to buy above 61.8 fib retracement. I seen many of your work and they really do make sense to me. Keep going! People in crypto market doesn't know how to trade and pumping is the only way for them to go, but dumping is how people going to make profit.
bagofXMR
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about the volume, imo the august pump volume was mostly fake/fomo. Whales wash trading to lure noobs into buying and loads of noobs buying. The november volume is just signaling that it was a solid bottom. Imo while 0.0186 holds the up trend is safe. but i agree that a correction down to 0.0122 support is possible. though i dont think we will see 0.006 again. (my opinion probably biased, 'cause i'm holding a nice bag of monero :joy: )
ltc-joe
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@bagofXMR, Makes sense, I do think a correction to the red trendline, .5-.618 seems likely though at a minimum, but can't argue with waiting for more confirmation : )
bagofXMR
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@btc_joe, also daily macd turning bearish, and we failed three times (or more or less, depending on the tf) to break ~0.0235 resistance, so certainly a correction down to the mentioned levels is more than possible. I unloaded 25% of my bag almost at x30 profit ($0.8-$23) so i'm ready to stand a nice correction. Even back to 0.006. But if we ever break 0.006 again i'm out.
You already shorting this? or just an idea? GL anyways!
ltc-joe
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@bagofXMR, nice ya I noticed that 1d cross as well, 1d looks like its at a pivotal point, has to reverse soon or starts looks double-toppy. And *if it does break down then that starts to confirm a potential reversal on the weekly. Ya, small position. Alternatively, I have been real bearish on btc so weird to be bearish on some alts as well, but I think ltc will be stealing a lot of thunder from the rest in the coming weeks with segwit coming. But I am biased as well : )
Compared to something a bit less exciting, XMR looks quite healthy.