I have been preaching the fall of BTC since I started charting here on TradingView. The blockchain is a most interesting platform with a ton of practical uses. The crypto-coins built on these platforms are tools meant to side-step traditional IPOs and save hundreds of thousands in fees for that purpose. I noticed the marketing around bitcoin was really heavy when BTC hit $1100 USD and that's when it caught my eye. I have never purchased a Bitcoin but have given it some consideration. I think the crypto-markets offer a unique alternative to traditional markets and give us trading junkies the volatility that flows through our veins.
The problem is BTC was manipulated with commercial advertisements and mass spam emails. BTC became the talk of the town. The very people who claim to be experts in the BTC market begin selling subscriptions to their blockchain education websites to entice more investment, all the while they were shorting this DOG and the BTC psyop began. John McAfee is a classic example of someone paid over 100k USD to tweet the praises of BTC -- as well as many people who got in early. I wouldn't doubt there are individuals on this website who get paid to sing the praises of BTC.
Reality:
BTC needs to retrace to equilibrium which is FMV; a price where the value is agreed to be sufficient for a stable coin. Until then, the answer to: "this is cheap", "we should load up", "buy now, or regret it" are talking points because some people believe BTC is worth untold fortunes a coin. When I can go to Vons and buy food, pay my electrical bill, or by a hot dog from a street vendor anywhere, anytime, bitcoin will just be another place to launder money or speculate on price-action. Bitcoin is NOT a replacement for FIAT (US Dollars) because if it was people wouldn't be transferring their BTC back into dollars when they make or lose money trading it. I have a prediction of 3k by February 2019. See my posts on BTC -- I have been dead on in my analysis. Before you trash me for my opinions, check out my history charting BTC.
BTC Analysis:
We are seeing weakness in the overall crypto-markets (DUH) as price tries to equilibrate and stabilize. These lows do not bode well because people who owned at these levels in the past are now probably out of the market. So those here now are new investors and they are being asked to hold up this market. Too much at risk and too much money prepared to bring this down lower. The lower it gets the easier it becomes to manipulate. Now to the haters -- they will run this cow North again, no doubt. You do not kill the cow when it has so much more milk to give. I expect they will run it to just under 10k before it's shorted again. I also believe there are a few exchanges in this structured BEAR market profiting from commisions and accumulating cryptos. Be wary of this market and expect more downside. Trade with extreme caution!
Caveat Emptor
Biff
The problem is BTC was manipulated with commercial advertisements and mass spam emails. BTC became the talk of the town. The very people who claim to be experts in the BTC market begin selling subscriptions to their blockchain education websites to entice more investment, all the while they were shorting this DOG and the BTC psyop began. John McAfee is a classic example of someone paid over 100k USD to tweet the praises of BTC -- as well as many people who got in early. I wouldn't doubt there are individuals on this website who get paid to sing the praises of BTC.
Reality:
BTC needs to retrace to equilibrium which is FMV; a price where the value is agreed to be sufficient for a stable coin. Until then, the answer to: "this is cheap", "we should load up", "buy now, or regret it" are talking points because some people believe BTC is worth untold fortunes a coin. When I can go to Vons and buy food, pay my electrical bill, or by a hot dog from a street vendor anywhere, anytime, bitcoin will just be another place to launder money or speculate on price-action. Bitcoin is NOT a replacement for FIAT (US Dollars) because if it was people wouldn't be transferring their BTC back into dollars when they make or lose money trading it. I have a prediction of 3k by February 2019. See my posts on BTC -- I have been dead on in my analysis. Before you trash me for my opinions, check out my history charting BTC.
BTC Analysis:
We are seeing weakness in the overall crypto-markets (DUH) as price tries to equilibrate and stabilize. These lows do not bode well because people who owned at these levels in the past are now probably out of the market. So those here now are new investors and they are being asked to hold up this market. Too much at risk and too much money prepared to bring this down lower. The lower it gets the easier it becomes to manipulate. Now to the haters -- they will run this cow North again, no doubt. You do not kill the cow when it has so much more milk to give. I expect they will run it to just under 10k before it's shorted again. I also believe there are a few exchanges in this structured BEAR market profiting from commisions and accumulating cryptos. Be wary of this market and expect more downside. Trade with extreme caution!
Caveat Emptor
Biff
Comment:
