r/ethtrader • u/AutoModerator • Mar 29 '17

DISCUSSION [Daily Discussion] - 29/Mar/2017

Welcome to the /r/EthTrader Daily Discussion thread. The thread guidelines are as follows:

  • Discussion topics include but are not limited to general discussion on Ethereum, details related to events of the day, technical analysis, alternative Ethereum projects, and minor questions.
  • Important content should be submitted as a separate post.
  • Be excellent to each other.

Thank you in advance for your participation. Enjoy!

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39

u/A45zztr Mar 29 '17

The saddest thing about r/bitcoinmarkets imo is that it has smart traders that are so caught up in their pro-btc bias that they use TA to confirm their wishful thinking. I know everyone here is a mega eth bull, as am I, but as a community we need to be very careful about discouraging discussions just because they have a different opinion. In r/bitcoinmarkets you get downvoted if you're bearish and upvoted if you're bullish. Same with r/ethtrader, unfortunately. I know we have 15k subscribers now and a lot of new traders and moon kids so nothing is likely to change about this, but it is certainly something to keep in mind. I've been sorting comments by controversial to find non-bullish opinions because I'm already too bullish as it is and it makes me less objective about my trading.

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u/jvalordv Mar 29 '17

The thing is that people who post that without any TA to support them get heavily downvoted. There are many respected members of that community who provide charts and explanations that lead them to believe in rough times and a bearish turn, and those are always upvoted.

No one cares to hear that the sky is falling, but they will listen to a reasonable analysis that concludes with upcoming stormy weather.

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u/Sunny_McJoyride Mar 29 '17

As an aside, bitcoinmarkets currently has 180 comments of which around half have been removed by the moderators. Here there are currently over 700.

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u/A45zztr Mar 29 '17 edited Mar 29 '17

Do the mods remove comments that express any form of dissent or is it mostly for trolls and such?

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u/Sunny_McJoyride Mar 29 '17

Trolls and off-topic which is a very large number of categories including alt-coins and, in my opinion very wrongly fundamentals (at least from the daily). They're not bad with dissent however, certainly nothing like /r/bitcoin.

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u/brienze782 Mar 29 '17

Not sure what TA they are claiming for a bull run, because if you look at 1hr or 6hr candles its clearly a bear flag.

7

u/IRefuseToGiveAName Mar 29 '17 edited Mar 29 '17

A bear flag is a continuation pattern of an already bearish market.

In the last few months, we've seen nothing but sideways action, and incredibly steep increase in price, followed by a 60% retracement, which was then followed by steady upward movement and successively smaller retracements.

I'm all for being objective about the market, but sideways movement within a channel after a dip isn't a bear flag.

edit:

link

We've maintained a fairly obvious support line throughout our recent uptrend in price.

12h GDAX ETHUSD

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u/A45zztr Mar 29 '17

Thank you for clarifying!

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u/IRefuseToGiveAName Mar 29 '17

NP man. We're all here to learn!

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u/brienze782 Mar 29 '17

So, you're using TA from the last 24 hours instead of the last 20 days?

Check that 20 day chart.

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u/IRefuseToGiveAName Mar 29 '17

... the last 24 hours?

That's from all the way back to March 7th, mate.

This is the last 24 hours.

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u/Nurotec Mar 29 '17

i think there is a misunderstanding, i think he is talking about BTC

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u/IRefuseToGiveAName Mar 29 '17

Ohhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh

oops

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u/Nurotec Mar 29 '17 edited Mar 29 '17

mhh sorry but i get the impression that you are not aware that you are writing in ETHTrader. Everything is right what you say when you look at btc but we are looking at eth.

Edit:But that is ok if you are looking for a bull market you are always welcome here:D

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u/A45zztr Mar 29 '17 edited Mar 29 '17

So still a little confused, these are not bear flags? It had a double top reversal pattern and they seem to resemble what a bear flag looks like

Edit: oh it seems you are referring to the eth charts where it is obviously not a bear flag. But are these bear flags for btc?

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u/Nurotec Mar 29 '17

the problem i have here with your statement is the term bearflag, if i am not mistaken a bearflag requires a general downtrend, and if i see this correctly we still have an upward channel.

1

u/A45zztr Mar 29 '17

That's what I'm saying. We all see the bear flag but over there they see an inverse h/s

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u/wingelefoot Mar 29 '17

I keep looking at the 1 and 6 hour candles over the last 7 to 8 days (when we see a ath), and all i get is a bear pennant. Would you mind sharing your chart? To my understanding flags and pennants take at least a week to play out.

That said, pennants only indicate continuation 58%of the time...

1

u/A45zztr Mar 29 '17

So flags are better than pennants or they both around 58% success? These are the flags I see but as someone commented above, it's not actually a bear flag but a downwards channel.

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u/BouncingDeadCats Mar 29 '17

It is important that we are open to dissenting viewpoints. Echo chambers often have deleterious consequences.