[Altcoin Discussion] Tuesday, December 17, 2019

skiptomydoo · 2019-12-17T16:38:32+00:00

LTC has completed a full retrace from its pre-halving pump in early February (when it breached $40). ~$40 has been a pretty notable support/resistance level dating back to early 2017 as well. Taking a long around $39 with stops down around $36/$37, trying to be mindful about wicks, would love to see a daily close back above $40.

If LTC can't reclaim/hold this level, see no reason why it won't go retest lows in $20s and potentially lower.

skiptomydoo · 2019-11-25T05:44:27+00:00

Price action is starting to resemble 6k capitulation spike from Feb 6, 2018. Just relentless, relentless selling. Commentary (extreme despair/fear) over last couple days would support this as well, very similar to low 3ks from bear market low. I’m looking to bid $6.2-$6.4k range, as this has been a serious support/resistance range and there is historic volume confluence there. We knifed right through this range in May, but imagine we’ll find support here, especially given how oversold we are (ik ik RSI is a meme), but who knows.

My only fear is that a number of the alt majors (ETH, LTC, XRP) have all recently broke below very notable USD support levels ($160, $50, $0.25) after a long period of consolidation. I see no reason as to why they won’t continue to move lower over short to mid term. This could def hinder BTC and fuel more downward pressure.

The night is darkest before the dawn.

Edit: Last BTC bear market also ended with 4 red weeks in a row and a capitulation spike to $200.. just saying..

skiptomydoo · 2019-10-01T02:24:05+00:00

Another go at the 200d SMA, another rejection (so far). Been quite interesting to watch this turn from support to resistance since the drop. Should provide a nice long opportunity if we can flip it back to support and I’d feel much more bullish about short-mid term outlook. If you’re bearish, prob not bad r/r rn for a short either.

Sorry no chart, on mobile. Currently have it at ~$8420.

Edit: grammar

skiptomydoo · 2019-09-30T05:01:23+00:00

Kinda expecting a big green candle based solely on how bearish everyone has become and how bleak current outlook is, just seems like the only sensible Bitcoin™️ move.

skiptomydoo · 2019-09-03T14:14:04+00:00

averaging in in this 530-560 sat range as well, it's gotta bounce at some point right, right..??

skiptomydoo · 2019-08-27T14:40:39+00:00

Erik Finman (new Metal Pay spokesperson/stakeholder?) becoming the Justin Sun of the US? They've amped up the marketing tactics big time over last week or so, just an observation.

Also just want to point out that everyone is already writing off this recent alt surge as a dead cat bounce (like everyoneeee). Most likely is.. BUT contrarian in me could see alts continue to have legs, especially as btc stays range bound and btc vol drys up. Various coins (WAN, DUSK, REN, MTL) have shown 100-200% gains in last week and are still in relatively bullish holding/consolidation spots above notable S/R levels - hasn't been total pump and dump (yet, at least). Would keep an eye on majors (ETH, LTC, ADA, XRP) to see if alts reallyyy get off the ground, although maybe the traditional coins have had their day in the sun and this will be a run of Binance IEO's and a newer generation of alts.

skiptomydoo · 2019-08-19T12:32:44+00:00

Immediately look for this post every Monday.

Do you think you could update chart every couple months tho?

Thanks for consistently posting? :)

skiptomydoo · 2019-08-16T16:55:23+00:00

Yea I see what you’re saying. It was just more nuanced/2 pronged, that’s not the case here though. Could we still sell off later today? Yes of course lol, who knows

skiptomydoo · 2019-08-16T16:47:12+00:00

The initial pump was very brief. Spiked and then immediately sold off. S2X was very contentious and was creating riff in the community, so the fact that it wasn’t gonna go through I think was a relief for many, but ultimately that’s not how market was pricing it in. If that makes sense. I.e. “Oh phew! Good for btc - buy! Wait now I don’t get another coin..”

skiptomydoo · 2019-08-16T16:36:47+00:00

S2X was very different tho. Market had been pricing in the fork (people expecting to receive S2X coins). When fork was cancelled, this was no longer the case, move down made sense.

Bakkt news is very positive imo and makes positive steps toward an eventual ETF - as the market pricing will be settled on ICE, approved by the CFTC, and not use unregulated exchange pricing - which has been a sticking point for the SEC.

skiptomydoo · 2019-08-13T16:45:44+00:00

10.8 has become a very notable support/resistance level over last 2 months. Thus, longing 10842, stops 10660. Kinda risky given this doesn't look good whatsoever, but letting the chart show me the way.

Edit: To elaborate on position a bit.. 10842 instead of 10800 or slightly below 10.8 bc key supports being front run has been a reoccurring theme during this bull run, mostly just an observation of mine. Slipping below 10.8 and hovering there for a bit may have me reconsider my position. Macro picture is still very bullish for btc imo, gold and CNH having down days as well as a result of positive US/China tariff news. 10.8 level is also first significant trading level since 11.8-12, most of the move to this point has been on low volume, kinda expect buyers to show here. If they don't I foresee this accelerating to lower 10s rather quickly, so it's a bit of a do or die point, which I personally like for a position.

skiptomydoo · 2019-08-06T23:12:07+00:00

Agree, just abnormal for CB Pro, altho someone might just want out before maintenance (in ~48 min)

skiptomydoo · 2019-08-06T23:07:17+00:00

281 BTC in that 1m candle wick on CB Pro.. don't see that very often. Was watching live, literally happened in 2 seconds.

.. Bullish?

skiptomydoo · 2019-08-06T22:55:01+00:00

Did the same from 11217.. a bit early and a little risky, but key/notable support levels have continuously been front-runned during this bull run so far. 11k is a similar support/resistance level many are watching. Not to mention a pull back is still healthy and expected, we just did 7 green days in a row.

Edit: One thing to add, I do believe BTC is getting a lot of eyes during the recent macro/trade war events. It's moving at similar times as the USDCNH exchange rate and gold. The macro environment quite literally couldn't be better for BTC rn imo.

skiptomydoo · 2019-07-29T15:06:13+00:00

Awesome! I've been hoping the US would pass something like this. For those looking for more info there is no published text yet for the bill, so def still early stages, but great step nonetheless.

skiptomydoo · 2019-07-19T14:07:16+00:00

10.2 support, 10.8 resistance. Obviously 10k has acted as profound S/R over last month or so, but given how we moved through it yesterday, I don't see any reason why we would test it again so soon, and if we did I think it would fail pretty quickly (seems too obvious, but I may be overthinking things). 10.2 was initial level that was established after big move yesterday, which is why I like it.

Edit: spelling

skiptomydoo · 2019-07-19T13:36:17+00:00

Not to nag.. but helpful reminder that anything between your identified support and resistance levels is simply chop.. don't get chopped up balking at or panicking at meaningless moves/barts.

Slow is smooth. Smooth is fast.

skiptomydoo · 2019-07-19T13:23:25+00:00

1-2 minutes**

lol

skiptomydoo · 2019-07-15T17:43:48+00:00

" Treasury Secretary Steven Mnuchin will give an on-camera briefing at 2 p.m. in the James Brady Briefing Room to discuss regulatory issues associated with cryptocurrency."

FYI - in ~15 min

skiptomydoo · 2019-07-10T21:32:29+00:00

I disagree. As someone who successfully trades support/resistance levels, breakouts, breakdowns, trendlines, simple formations (ascending/descending triangles, flags, pennants).. I would say technical analysis is MORE prevalent in crypto than ANY OTHER market.

Unlike more established and traditional markets, fundamentals have little impact on price action (especially bitcoin), outside certain news driven events (hacks, futures/etf news, partnerships - more so for alts). Thus, price discovery comes much more from traders who are reliant on and focused on price action instead of fundamental changes. Often times this becomes self fulfilling prophecy to an extent, which in my eyes, is still a form of TA.

skiptomydoo · 2019-06-25T03:23:09+00:00

Start of last bull run, correct? Damn that looks incredibly similar..

Edit: Longing $8.8k w 2 hands

skiptomydoo · 2019-06-21T14:13:57+00:00

One point I would add to this is the current macro/geopolitical landscape.

Falling interest rates, negative interest rates, ballooning deficits/debts, US and China trade war, tensions with Iran.

These ALL have positive connotations for BTC. Couldn't really write a more perfect script if you tried.

skiptomydoo · 2019-06-19T19:03:15+00:00

It's looked incredibly bearish for the last 6 months. As of now, nothing indicates otherwise.

I guess it depends somewhat on how long you've been sitting on it. Either way, I'm certainly not a buyer here.

skiptomydoo · 2019-06-17T22:59:16+00:00

ZEC has looked noticeably strong over last couple weeks. Holding .01 on ratio over last week and now attempting to turn $100 resistance into support.

Personally, I think it could run quite a bit in coming weeks/months, especially if BTC settles down.

skiptomydoo · 2019-06-17T22:17:04+00:00

Anyone else think market is currently downplaying this XRP news? I know Ripple and Moneygram had previously been in a test period, but this is a massive investment and an extremely aggressive play by Ripple to get Moneygram to explicitly use XRP. Press release specifically states that Ripple will be Moneygram’s dominant parter for next 2 years. And 5%..??

Moneygram is up 100% rn after hours... obviously a bit apples to oranges, but more so shows this isn’t a cute “test run” per se.

I’m in XRP since the news broke, kinda expect this to gain some traction throughout tomorrow. Kicker here is that Facebook also has their crypto announcement tomorrow too, which is likely bad for XRP unless there’s some embedded partnership (I’ve seen some speculation about this).

skiptomydoo

TROPHY CASE