Thanks to the recent XRP fiasco, it looks like XLM buyer have been given a new opportunity to buy at relative lows. The price returned to the bottom, but RSI didn't get nearly as close, in theory, this should indicate strong bulls.
Now, what do I mean by relative lows? And in fact, what the hell am I charting against? We'll as with most of my new ideas, I'm now trying to use not the BTC or USD pairing, and not even the ETH pairing (though admittedly its fairly close to the ETH pairing) but rather the total alt coin marketcap. This is a new charting strategy I'm trying because for the past 5 years of me staring at these charts, it's become obvious that soooo many big moves are really just motivated by BTC and ETH dumping or pumping. And so to try and filter that out, I think charting against the average paints a better picture of how these alt coins are actually moving ON THEIR OWN. Now I can't technically use an average, and unfortunately, I can't filter our Stable coins easily, but I think that using TOTAL2 is a pretty decent approximation of what I'm after. And considering I'm only looking long term with this method, I think it should be fine.
I have yet to see if things like FIB retracements really work with this method, so this is one for my first test cases for such. Additionally, not sure if divergences in RSI and other indicators mean what they would when charting a regular pairing, so we'll see if that holds any water as well.
Now, what do I mean by relative lows? And in fact, what the hell am I charting against? We'll as with most of my new ideas, I'm now trying to use not the BTC or USD pairing, and not even the ETH pairing (though admittedly its fairly close to the ETH pairing) but rather the total alt coin marketcap. This is a new charting strategy I'm trying because for the past 5 years of me staring at these charts, it's become obvious that soooo many big moves are really just motivated by BTC and ETH dumping or pumping. And so to try and filter that out, I think charting against the average paints a better picture of how these alt coins are actually moving ON THEIR OWN. Now I can't technically use an average, and unfortunately, I can't filter our Stable coins easily, but I think that using TOTAL2 is a pretty decent approximation of what I'm after. And considering I'm only looking long term with this method, I think it should be fine.
I have yet to see if things like FIB retracements really work with this method, so this is one for my first test cases for such. Additionally, not sure if divergences in RSI and other indicators mean what they would when charting a regular pairing, so we'll see if that holds any water as well.