(06-15-2017 01:22 AM)Darkwing Buck Wrote:  287/ETH and dropping fast. This is insane. I'm tempted to sell to be honest but I know I should hold.

My nerves are being tested.

At this point you should hold if you still believe in your crypto investment long term. You missed your chance to sell high and buy low to flip your stack for profit. Not that I recommend trying to do that with your entire stack anyway. We could have another leg down but it's been a pretty bloody day. Not saying it will happen again, but the last time there was this much blood in the streets (every coin is basically heavily in the red on coinmarketcap right now) ETH rebounded very quickly the following day. This looks like a good buying point, and I would buy some now if I had spare cash. Looks like we may have already hit the bottom at around $287. This all happens very quick btw so remember this if you are trying to time the absolute bottom/top the next time there is a heavy correction (you never will).

But really, the only number I'm concerned about is the ETH/BTC ratio, and that's held up remarkably well. Still around .135 as of right now and didn't dip much compared to how BTC and ETH both dropped heavily vs the dollar. The Flippening is still coming boys.

(06-15-2017 01:22 AM)Darkwing Buck Wrote:  287/ETH and dropping fast. This is insane. I'm tempted to sell to be honest but I know I should hold.

My nerves are being tested.

EDIT: Well it's 11:30 west coast time. Dropped down to 285 and within 90 seconds shot up to 310. Looks like the support kicked in as soon as it hit 300.

Now at 312. I'm really surprised to see the price fluctuations this late at night. Typically it seems to settle between 6pm-8pm western time. Interesting. Wonder what's truly going on.

If you're in long haul just be cool. There is never a chart that goes up forever without a pullback. It is just natural for people to take profit. Doesn't look like large volume from what I can see.

(06-15-2017 01:23 AM)Gas Wrote:  ^ Look for it to trade consistently below $340. If so, we will probably tumble quite a bit. Otherwise expect a bounce back. My guess.

Edit: Didn't realize we'd already hit $300. Sticking with my call of support above $270 (I hope).

Well like I said we went as low as 285. The support kicked in instantly and we shot up to 300 in less than a minute. I don't see it going below 300 for more than a few minutes. That seems to be where the support kicks in to overdrive.

I tried to buy at 285 and by the time I switched screens it was already back over 300.

It's gone between 320 and 300 since then. A few minutes ago we went BACK to 300 and now back up to 315.

(06-15-2017 01:34 AM)Gas Wrote:  

(06-15-2017 01:22 AM)Darkwing Buck Wrote:  287/ETH and dropping fast. This is insane. I'm tempted to sell to be honest but I know I should hold.

My nerves are being tested.

EDIT: Well it's 11:30 west coast time. Dropped down to 285 and within 90 seconds shot up to 310. Looks like the support kicked in as soon as it hit 300.

Now at 312. I'm really surprised to see the price fluctuations this late at night. Typically it seems to settle between 6pm-8pm western time. Interesting. Wonder what's truly going on.

If you're in long haul just be cool. There is never a chart that goes up forever without a pullback. It is just natural for people to take profit. Doesn't look like large volume from what I can see.

If anything I'm more frustrated on botched buy opportunities LOL. So hard to time the dips and I massively underrated how low we would go. I thought I got a steal with my staggered buys at 368, 355, 330, and 325 only to see us now hanging out around 313.

Not a big difference maker in the large scheme of things but still stings.

And no I'm definitely not selling shit. Haven't sold anything since I first bought in though I think after this dip, I will realize some profits the next time we shoot back up past all time highs.

You kinda called this one.

(06-15-2017 01:51 AM)Darkwing Buck Wrote:  

(06-15-2017 01:23 AM)Gas Wrote:  ^ Look for it to trade consistently below $340. If so, we will probably tumble quite a bit. Otherwise expect a bounce back. My guess.

Edit: Didn't realize we'd already hit $300. Sticking with my call of support above $270 (I hope).

Well like I said we went as low as 285. The support kicked in instantly and we shot up to 300 in less than a minute. I don't see it going below 300 for more than a few minutes. That seems to be where the support kicks in to overdrive.

I tried to buy at 285 and by the time I switched screens it was already back over 300.

It's gone between 320 and 300 since then. A few minutes ago we went BACK to 300 and now back up to 315.

It does not work the way that you are describing.

You cannot say that support is at a certain place for sure. Sometimes when there are dumps they wear and wear at support, and pretty soon they break through, and then support becomes resistance.

I am not saying what is going to happen in this case, but your assertions about absolute support might be a description of what seems to be happening, but sometimes the support will get worn out...

^I would expect it to dip sub 300 again.

The bear is here

(06-15-2017 01:56 AM)JayJuanGee Wrote:  

(06-15-2017 01:51 AM)Darkwing Buck Wrote:  

(06-15-2017 01:23 AM)Gas Wrote:  ^ Look for it to trade consistently below $340. If so, we will probably tumble quite a bit. Otherwise expect a bounce back. My guess.

Edit: Didn't realize we'd already hit $300. Sticking with my call of support above $270 (I hope).

Well like I said we went as low as 285. The support kicked in instantly and we shot up to 300 in less than a minute. I don't see it going below 300 for more than a few minutes. That seems to be where the support kicks in to overdrive.

I tried to buy at 285 and by the time I switched screens it was already back over 300.

It's gone between 320 and 300 since then. A few minutes ago we went BACK to 300 and now back up to 315.

It does not work the way that you are describing.

You cannot say that support is at a certain place for sure. Sometimes when there are dumps they wear and wear at support, and pretty soon they break through, and then support becomes resistance.

I am not saying what is going to happen in this case, but your assertions about absolute support might be a description of what seems to be happening, but sometimes the support will get worn out...

Of course nobody can say support is at a certain place for sure. We make educated guesses. Otherwise we would all be trillionaires...

(06-15-2017 01:54 AM)Darkwing Buck Wrote:  You kinda called this one.

To be honest almost all my calls have been on point since my first buy at around $130. I've put in some play money and bought on every dip. Not to say I'm going to call everything perfectly, but basic technical analysis seems to work great on crypto. So many people don't understand the underlying fundamentals (including me) so it seems most are trading on basic psychology. Tech analysis is great for that.

(06-15-2017 02:07 AM)Gas Wrote:  

(06-15-2017 01:54 AM)Darkwing Buck Wrote:  You kinda called this one.

To be honest almost all my calls have been on point since my first buy at around $130. I've put in some play money and bought on every dip. Not to say I'm going to call everything perfectly, but basic technical analysis seems to work great on crypto. So many people don't understand the underlying fundamentals (including me) so it seems most are trading on basic psychology. Tech analysis is great for that.

Yeah I doubted you and failed to maximize on profit because of it. Will be paying close attention to your posts in the future. Do you have a twitter?

Naw I'm pretty new to crypto. Just starting following it a couple of months ago. I used to trade stocks full-time a few years ago, I'm just applying the same principles. I'm only confident enough to buy-and-hold, still not informed enough to short or trade in and out of the dips. Too many curve balls.

(06-15-2017 02:50 AM)Gas Wrote:  Naw I'm pretty new to crypto. Just starting following it a couple of months ago. I used to trade stocks full-time a few years ago, I'm just applying the same principles. I'm only confident enough to buy-and-hold, still not informed enough to short or trade in and out of the dips. Too many curve balls.

Ok same except I have no trading background. I'm not selling shit for a while. I'm considering selling to realize my initial investment and then operating on the profit. I think I may be a little more level headed if I know I'm not "losing" money.

I feel pretty good about buying the dips today though. I'm still bullish on ETH I really think the Ethereum network can be a gamechanger so I'm willing to bet on it.

If Ethereum really takes off and hits the 1000s and 2000s by the end of next year I'll be laughing about how I got nervous when it corrected from 400 to 285. And during this whole dip I could have sold everything and still made a decent profit so I really shouldn't be worried.

Definitely shouldn't trade off emotion! I've been on reddit and some people regret selling already.

We're all gonna make it though guys! This is actually somewhat fun I've never invested or gambled before. Actually the last couple months is the first time I haven't lived in poverty as an adult so this is really interesting to me to invest and watch my money go up while I sleep. Never could have imagined this even a year ago.

I would read through the basics. The link below seems to explain things quite well in layman terms. Chapters 4,5,6,9 are particularly relevant to what I've been seeing so far in crypto. Will help you when trying to make timing decisions.

http://www.investopedia.com/university/technical/

A lot of these posters remind me of...me a month ago when I first jumped into the cyrpto sphere.

So many newbies....so many newbieposts.

We should have a shitcoin thread. I loved people dropping posts on those pumps and dumps.

What charts are you guys using? I'm using the one on coinmarketcap, but that shows the bottom of this dip at $320 when we clearly had trades sub 300. Hard to make decisions when all the info isn't consistent.

My first ever buy in crpyto was at the top of the May 25 peak. I said never again. I let my Coinbase cash sit waiting for a dip. Finally got it. My GDAX limit order for a fat chunk of ETH executed below $300 as intended. And no fee! Already my paper profit is hundreds of dollars. I'm learning...

My next question: How do I lock it in? I want to sell out my ETH for a profit (without triggering a taxable event). Obviously I can't sell to USD.
Should I transfer the ETH balance to Poloniex and set a sell stop for $394 USDT?

Anyone doing this? How stable is Tether?

Even USDT at .90 cents on the dollar is better than the short term capital gains rate. And it would keep me completely off the IRS radar until I'm ready to cash in completely. Which is what I'm hoping to do.

(06-15-2017 01:23 AM)Gas Wrote:  ^ Look for it to trade consistently below $340. If so, we will probably tumble quite a bit. Otherwise expect a bounce back. My guess.

Edit: Didn't realize we'd already hit $300. Sticking with my call of support above $270 (I hope).

What goes into this prediction, and do you recommend any particular resource for leaning how to do this kind of analysis?

(06-15-2017 03:15 AM)Gas Wrote:  What charts are you guys using? I'm using the one on coinmarketcap, but that shows the bottom of this dip at $320 when we clearly had trades sub 300. Hard to make decisions when all the info isn't consistent.

I've found GDAX has the most accurate chart while it's sister site Coinbase the most inaccurate. If you're just doing the top three coins GDAX is the best place to trade bc maker orders are usually no fee.

(06-15-2017 03:17 AM)Stun Wrote:  

(06-15-2017 01:23 AM)Gas Wrote:  ^ Look for it to trade consistently below $340. If so, we will probably tumble quite a bit. Otherwise expect a bounce back. My guess.

Edit: Didn't realize we'd already hit $300. Sticking with my call of support above $270 (I hope).

What goes into this prediction, and do you recommend any particular resource for leaning how to do this kind of analysis?

Just posted a link a few posts up which goes through the basics. I just skimmed through it but it looked decent.

But usually which patterns hold true depend on a lot of things. For example, tech stocks behave differently to real estate which behave differently to finance stocks etc. When some have downward pressure they really tumble, others will creep down more slowly and so forth. That's something you only start to get a feel of after trading a while.

In fact it would be more accurate to say, the people who invest in tech stocks behave differently to the people who invest in blue chip etc etc. Different sectors attract different kinds of people with different risk profiles...so obviously they behave differently. Always remember you're trading against other people also sitting at their keyboard - so it's more about the actual people and how they behave rather than the commodity. People forget this and sometimes think they're just trading with a computer.

I'm still figuring out exactly how to interpret movements in crypto. Remember no one can predict the future, we're all just making our best guess at the end of the day.

What's everyone's strategy for August 1st? Lots of talk about moving to LTC, XMR or USDT temporarily to weather the storm.

Also, you guys should totally copy lumyo on 1broker. Guy's a beast, he already made me 0.7 BTC of profit in a few days.

^ Holding all for now. Have funds to buy more if there's any large crashes prior around Aug. It's too late to get out for me to take advantage of and I'd risk a major loss if nothing happens. I just have a limit set to cash out if we approach $500 before then.

ETH may flip yet... still currently holding strong at 80% of BTC's market cap.

(06-15-2017 03:29 AM)Travel Museums Wrote:  

(06-15-2017 03:15 AM)Gas Wrote:  What charts are you guys using? I'm using the one on coinmarketcap, but that shows the bottom of this dip at $320 when we clearly had trades sub 300. Hard to make decisions when all the info isn't consistent.

I've found GDAX has the most accurate chart while it's sister site Coinbase the most inaccurate. If you're just doing the top three coins GDAX is the best place to trade bc maker orders are usually no fee.

I was looking at WorldCoinIndex, CoinMarketCap and Coinbase and all had vastly different numbers. WCI showed the ETH price as 305 while according to Coinmarketcap we haven't even fallen through support at 345 yet.

Difficult to trade when you don't even know the real price. I suppose you should just go by the chart on the exchange you're using?

(06-15-2017 04:23 AM)Hyperflux Wrote:  Also, you guys should totally copy lumyo on 1broker. Guy's a beast, he already made me 0.7 BTC of profit in a few days.

Thanks for the tips man, I'll have a look on lumyo&1broker.

(06-15-2017 06:06 AM)Mat_hieu Wrote:  

(06-15-2017 04:23 AM)Hyperflux Wrote:  Also, you guys should totally copy lumyo on 1broker. Guy's a beast, he already made me 0.7 BTC of profit in a few days.

Thanks for the tips man, I'll have a look on lumyo&1broker.

I registered to see what the hype was about, he's doing Forex, I couldn't find any crypto on there.

/u/tungbitcoin and /u/dalin_anderson on tradingview are decent.

Man wish I switched all my ETH to poloniex and locked in a USDT trade in 350-400 range. Missing out on profit to ride the roller coaster is bullshit.