I want to state this is clearly my opinion.
Bitcoin continues to defy gravity and I have put up new targets but I think at this point it is over extended so I am staying away from this trade. I mentioned before that this is the wild west of trading, no regulation and definitely open to manipulation by those that have more means than any of us here on TV' will ever have. Now at first I was skeptical about the Jamie Dimon manipulation, but sometimes like a detective you have to put the pieces of the crime together as I originally doubted Bitcoin was manipulated by banks and large fund holders, but now I'm not so sure! Lets take a look at a few news events, and keep in mind these are a "FEW".
China "news" comes out that it is shutting down exchanges. Partial selloff but not enough so what do we need. Let's see!
Jamie Dimon comes out and calls Bitcoin' a fraud, ok was the selloff part of normal pullbacks or did Jamie add to the degree. No one knows for sure, but one of JP Morgan's client's seemed to buy a crap load the day after the selloff. Hmmmmm Yes I know it wasn't JPM' themselves but you rub my back I rub yours!
We also saw Zcash announcing a partnering with JPM' to use their block chain technology. GREAT!! Yes and it's semi private. OOOPS JPM' in the news for money laundering. Maybe they should have partnered with XMR' (noticed the run it had as of late).
Then we get the news the CME' and the CBOE' are going to start trading bitcoin futures! YEAH to the moon baby. It's happening in the 4th quarter right. I'm excited and was even more excited to see posted on the CME's website that futures start trading Dec 10th! Yeah baby! I even called my broker to see if they will be handling them. Nope so I called another and setup and account there, as tradestation is going to allow bitcoin' futures trading! I'm ready to go! Wait where did the post on Dec 10th go? OOOPS Laurie Bischel, spokeswoman for the exchange said the original posting "WAS DUE TO AN ERROR WITH THE WEBSITE". HUH. You mean your not starting to trade futures Dec 10th, I'm setup and ready to go! What is an "error with the website"? Were you hacked? Was it a joke? Was it premature? Do you not have any protocols in line to insure this doesn't happen? OR is the CFTC' putting it's foot down on your idea?
So I read a little further. CME has NOT yet filed with the US Commodity Futures Trading Commission but are in "active" discussions with the regulators. Why are you "in discussion with regulators" thanks to the laws that were passed by our wonderful government the CME does not need the CFTC's permission to list products for trading. Just has to file a "self certification" with the regulator, meaning the products complies with the Commodity and Exchange ACT. So what's the holdup? and more over why are you "talking" with regulators about a product that you can self certify? HMMMMM This is not good news and I may be closing that tradestation account! Something is definitely not right here!
But Bitcoin does not care and neither do the buyers for now! The chart screams higher, but I remember when the chart screamed PULLBACK. Be careful at these levels. Maybe this is just a collusion of JPM' and the CME' group to run this puppy up to allow their large investors to bank on the backs of us average Joe's.
Let's see, remember mortgage derivatives? How did that work out for the average Joe?
At this point we do not even have a futures product and in my opinion the market is already being manipulated by the powers that be. I'm starting to think we will soon get an announcement that we will not have a bitcoin futures market after all! Put the pieces together! I think its' 50/50 at this point! But Bitcoin does not care! $10,000-$12,000 is what my refurbished crystal ball says!
Bitcoin continues to defy gravity and I have put up new targets but I think at this point it is over extended so I am staying away from this trade. I mentioned before that this is the wild west of trading, no regulation and definitely open to manipulation by those that have more means than any of us here on TV' will ever have. Now at first I was skeptical about the Jamie Dimon manipulation, but sometimes like a detective you have to put the pieces of the crime together as I originally doubted Bitcoin was manipulated by banks and large fund holders, but now I'm not so sure! Lets take a look at a few news events, and keep in mind these are a "FEW".
China "news" comes out that it is shutting down exchanges. Partial selloff but not enough so what do we need. Let's see!
Jamie Dimon comes out and calls Bitcoin' a fraud, ok was the selloff part of normal pullbacks or did Jamie add to the degree. No one knows for sure, but one of JP Morgan's client's seemed to buy a crap load the day after the selloff. Hmmmmm Yes I know it wasn't JPM' themselves but you rub my back I rub yours!
We also saw Zcash announcing a partnering with JPM' to use their block chain technology. GREAT!! Yes and it's semi private. OOOPS JPM' in the news for money laundering. Maybe they should have partnered with XMR' (noticed the run it had as of late).
Then we get the news the CME' and the CBOE' are going to start trading bitcoin futures! YEAH to the moon baby. It's happening in the 4th quarter right. I'm excited and was even more excited to see posted on the CME's website that futures start trading Dec 10th! Yeah baby! I even called my broker to see if they will be handling them. Nope so I called another and setup and account there, as tradestation is going to allow bitcoin' futures trading! I'm ready to go! Wait where did the post on Dec 10th go? OOOPS Laurie Bischel, spokeswoman for the exchange said the original posting "WAS DUE TO AN ERROR WITH THE WEBSITE". HUH. You mean your not starting to trade futures Dec 10th, I'm setup and ready to go! What is an "error with the website"? Were you hacked? Was it a joke? Was it premature? Do you not have any protocols in line to insure this doesn't happen? OR is the CFTC' putting it's foot down on your idea?
So I read a little further. CME has NOT yet filed with the US Commodity Futures Trading Commission but are in "active" discussions with the regulators. Why are you "in discussion with regulators" thanks to the laws that were passed by our wonderful government the CME does not need the CFTC's permission to list products for trading. Just has to file a "self certification" with the regulator, meaning the products complies with the Commodity and Exchange ACT. So what's the holdup? and more over why are you "talking" with regulators about a product that you can self certify? HMMMMM This is not good news and I may be closing that tradestation account! Something is definitely not right here!
But Bitcoin does not care and neither do the buyers for now! The chart screams higher, but I remember when the chart screamed PULLBACK. Be careful at these levels. Maybe this is just a collusion of JPM' and the CME' group to run this puppy up to allow their large investors to bank on the backs of us average Joe's.
Let's see, remember mortgage derivatives? How did that work out for the average Joe?
At this point we do not even have a futures product and in my opinion the market is already being manipulated by the powers that be. I'm starting to think we will soon get an announcement that we will not have a bitcoin futures market after all! Put the pieces together! I think its' 50/50 at this point! But Bitcoin does not care! $10,000-$12,000 is what my refurbished crystal ball says!