Topic: PnF TA - page 45. (Read 190664 times)

Good for you, it seems that you did predict it though, so basically you are contradicting yourself lol

Yeah, I bought it at 239 and will sell it now at 250. BTW your predictions suck man, nobody can predict the price of BTC including you!

I am 100% sure you were one of the sheep buying BTC at 239+, right on the whales distribution zone...

Guys apologies for the mess but it seems that either my data fetch engine or Polo API is buggy!

This is the correct RSI chart (actually it was the reason I found the bug):




Fortunately this chart is also bullish!   


Again apologies for the inconvenience...

Ok, so we have the 1D RSI indicator of XMR in Point & Figure format.

RSI gives us an estimation that the market is oversold/overbought ( =<30 and >=70 respectively). If you go at https://bitcoinwisdom.com/markets/poloniex/xmrbtc try to find the RSI at Settings -> Indicator.

IMO, for alt coins the two timeframes that make sense (especially in XMR's case) are the 1d & 3d. So configure accordingly the chart.

So we see there that we have broken the 30 level for good and the price bounced above it briefly (1D) and now is standing almost on top of it. If we manage to continue rising towards the 50 level it means that we bottomed.

Enter P&F. The difference in the P&F RSI format is that we see more clearly that the RSI made a double bottom at 29 and broke out at 36 (at least when I drew the chart, afterwards it went back to 34). That is a bullish signal, meaning that the RSI 'price' managed to overcome resistance and it showed rising momentum. This combined with the fact that below 30 the market is considered oversold, are IMHO bullish signs.

As for the XMR P&F chart (1d CLOSE, log scale, 3% box size, reversal 3):




We reversed from 0.00154911 at 0.00161201.
Support is 0.00156460-0.00158025, sell signal if we close below 0.00154911 (0.00153377).

Bearish resistance at 0.00174558-0.00176303, 0.00215123-0.00217274.

Watch out for the double top at 0.00221642 (strong resistance).

Heavy resistance between 0.00226097-0.00235277, free at 0.00237630 (provided that we will continue in the same X column).

EDIT: Forgot to mention that the buy signal is at 0.00179847

It was a message directed for my subscribers, in case some did not see the slack post notification!
I told them to be alert about a possible bearish signal...

On what you said, lately LTC seems to act first (regardless of direction).
8.65$ is way to high, it would probably mean 320+...

I surely hoped to be the usual "pump LTC first, dump it to BTC" procedure. Usually the LTC runs first. If you see it rising high (hopefully more than $8.65 of July flash pump), it may be the vessel to break the 265-275 resistance on BTC (fingers crossed). Of course this time it may be different, meaning no LTC pump involved; no one knows for sure...

LTC alert...

So you are claiming that just because Ripple Labs is a company they will never drop to 0?

I'm pretty sure it's called bankruptcy where a company is worth essentially 0 or less than 0. They are centralized and at any moment could be shut down by the US government.

Not sure what your point is but yes S&R if you can trade it and can stomach the risk. Go get em!

Fundamentals? Again?
Come on guys, I am talking about Support/Resistance in charts here!

This is a buy now with a stop if we close below 0.0045$

XRPBTC stop is closing below 200K satoshi.

Also, from a fundamental PoV (oh dear, I hate this kind of speculation), Ripple Labs is a company - chances are XRP will never drop to zero. Meanwhile XT fork may....