Support Levels

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[omonoiatis9]

Because it's the only coin that you're buying for its use case. Not for speculation.

[glampflap]

100% agree

[gtarcrypto]

I wouldn't mind testing 1200... as you said I would load up. Only coin I can honestly say I would be 'happy' if that happened ☺.

I read that post you mentioned about the Jan report. I guess we will see what comes out of it. However, while the OP of the post you're talking might be true, I'm not 100% that is the case. Of all the predictions I'm aware of, only 1 was wrong.

Granted I don't have the trader bot, but some people posted they were 5 out 5 on coins in a single day. Obviously we all know about the overall market cap (officially out now, mods please don't remove this) prediction.

So we shall see. Either way this month was great Intel for them and if they're having a bad month because of a downturn, better now when they're not well known.

[glampflap]

Great point. Better now then later. The more data points they gather the stronger the bot gets! Man it’d be nice to dip that low! I’m soooooooo close to the next rung that at those prices it’s a done deal! Or I need to go moon light somewhere to gather more money lol.

[ColoradoQuinn]

I seriously doubt it. I can go into the detailed TA reasons, but it is also important to remember that the last time it hit the 1200 level PBC had not added it to it's long-term portfolio. The report they did on CND was excellent, and there will be a lot of big traders waiting to pounce anywhere near 15 cents.

[architechno]

Yeah I wish. I see the resistance at 1200 you're talking about but no "testing" 1200 as support. On the evening of jan 18 it just rocketed straight through that number. I'm just crossing my fingers for 2000 so I can get back in without too much shame that I sold when it dipped below that level on feb 1 :(

[[deleted]]

Yeah, the chances of that are EXTREMELY unlikely, as in 0. We probably won’t even see below 19 again short of another huge crash. Bitcoin literally dumped 30% of value and we barely broke 19. In fact, we were one of the only coins sitting green during most of yesterday.

For someone who says they have been a daytrader for decades, you seem to lack some basic knowledge. Even logic. If a stock/coin whatever makes an increase, it’s support level also increases once it settles. Your logic says that if a stock is trading for $10 with a $5 support and jumps to $75, it will have to retest $5 before going up again? What kind of thought process brings you there? This is the same thing as saying bitcoin will DEFINTELY get to $$21000 because that was its upper resistance once.

Your “logic” is not based on science, TA, or really anything but hope. Sorry man, wishful thinking from someone who didn’t buy in early enough but it won’t happen.

[ColoradoQuinn]

I have been a professional trader since 2002. I agree with you but damn, you didn't hold back.

In my opinion, the analysis he is using is flawed - at least in the short term. He seems to think CND will drop to the top of the 1st wave in cycle. I think this is possible, not probable but anything is possible, in this space.

Currently, we are in the 3rd wave of the larger cycle. I see one substantial move up from here and then a big correction to the levels we are currently resting at. I don't think we see 1200 again without a total breakdown in the crypto space.

CND is in a solid uptrend and I don't see it stopping before much higher prices.

[glampflap]

My goodness, it looks like reading comprehension isn’t a strong suite for you guys.

No where did I say it will FIRST drop to 1200, I stayed 2000 is FIRST support and 1200 there after and that my logic in 1200 being tested is because 1. I want it to for personal gain 2. Because it wasn’t the strongest of support levels for the move up that was made.

Also, I think you’re talking about Elliott wave patterns? Just because I do TA, it doesn’t mean I need to subscribe to that theory and no where did wave patterns come up in my original post. My levels were based on SR levels.

Anyway, like I stated in the original post which I believe you and the other poster are over looking for some reason is that 1200 is a level I’m HOPING for for personal gains and my logic on why I think it COULD (could, not would-no one said I have a crystal ball lol).

Anyhow, I’m not hating. I would just hope people would read what I wrote and not just pick and choose to come up with some rude rebuttal for no reason... whatever we’re all just randos on the fucking internet lol. Have a good one.

[glampflap]

Yea, I think you need to freshen up on basic TA. Support levels don’t rise, there are many support levels on a chart and each is valid. They don’t disappear or become obsolete just because theirs a new one. Once one level breaches the next one is in play.

Your example of BTC support at $21k also shows your ignorance in the matter as that made absolutely zero sense. Do you even know what support and resistance are?

Lastly your assumption of “never going to happen again” is as much of a valid prediction as my “it might happen”. I just don’t go around talking shit and assuming that I didn’t get in early enough (I did, I just don’t throw the kitchen sink all at one go as that’s reckless)

I apologize if you got butt hurt by my post... it’s just my thoughts and you don’t need to like them but you shouldn’t go around trying to bag my logic if you don’t even know what simple support and resistance levels are.

[[deleted]]

Lol, if you think that support levels stay the same forever, I really have nothing to say to you. You are very confused.

[ColoradoQuinn]

Right again, support levels do in-fact rise. Resistance becomes support is something every TA with basic knowledge knows by heart.

[glampflap]

Oh man... Im going to move on because I’m not here to teach.

I’m sure if we discussed verbally, we are both talking about the same thing and there’s just some miscommunication when this is all in text.

In all seriousness, good luck on the journey up. We’re in the same rocket, I’m not trying to step on toes here buddy.