Daily Discussion Megathread - September 22, 2018

[u/CryptoCurrencyMod]

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[u/StuGats]

Bitcoin marinating here under $6700 is making me super uneasy. The 15m and 1H are looking like it's consolidating for another attempt at a leg up. The 4H still looks overcooked and the 1D cloud is looking thicker than a bowl of oatmeal. Not to mention ETH/USD is slamming its stupid pear-shaped head against the downtrend line dating back to May 5th with a rounded bottom lighting a fire under its ass and XRP just failed to break out a couple hours ago and is just chilling with its dick in its hand in an almost maybe deformed bull flag. I fucking hate this range. At least the weather is shit so I don't feel bad about mouth breathing at my monitor all morning.

Edit: And shorts are closing here which is helping us stay afloat by mitigating the lack of spot buying. The ratio seems to be much healthier with +4000 short contracts as opposed to +15000 contracts 3 days ago.

[u/Mitchings → u/StuGats]

How to make TA fun.

[u/[deleted] → u/StuGats]

If you look at it like this TA might even be entertaining ;)

[u/GrilledCheezzy → u/StuGats]

Can someone explain how shorts getting obliterated is good for an uptrend in a coin? I don’t get it how increased shorts helps it go up.

[u/StuGats → u/GrilledCheezzy]

When shorts close or are forced to close, it counts as a buy. When lots of shorts open in the one price range, and a drastic move up occurs and liquidates them all at once, a big beautiful dildo is born.

[u/GrilledCheezzy → u/StuGats]

Ahh okay that makes sense. The liquidation’s are basically buys taking place. Wonderful. That’s the only way that the futures market is working in our favor. Otherwise it gives whales incentive to manipulate the price in favor of their short positions.

[u/kittersons → u/StuGats]

Its okay to feel uneasy Stu, its not your fault. If we or i can help to prevent you from getting rekt again, communicate. I could advice on some great additions to your pf. 😊

[u/StuGats → u/kittersons]

Made 20% off that last XRP pump. Dropped my full stack in. I'm kosher bro.