Braller
Long

BTCUSD couple of observations

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Two charts, left is the daily, to the right is the weekly. The current retraction (left) approaches the 0.786 fibonacci retracement of the huge growth of bitcoin late last year. The point where the downtrending channel (yellow lines) meets the blue line of the longer trend (march last year) is where BTC will seek support. And hopefully find its way back up. If not, other coins will have to start decoupling and find independent ways to find market valuation. But for now when BTC falls, they all do.

Beyond the TA, there's a bullish case for cryptocurrencies. In countries where fiat is weak or currencies are undermined or corrupted by national governments and their cronies (such as Venezuela), cryptocurrencies offer real value, a value that will endure. In established countries, crypto offers a hedge and an alternative investment but also in places like Greece, a way out of the debt trap (which is why the ECB isn't too happy). Ethereum , neo and other application platforms offer real value beyond being a currency. That authoritarian countries seek to ban these coins speaks for their value: they are a threat to the established order. Banks while paying lip service to the idea that crypto is dangerous are very busy examining them. Many IT people inside banks are very busy mining ethereum . Which is a bellwether.

Nobody can read the future and Bitcoin may not return to previous heights. It doesn't have a proposition beyond being first mover that many other currencies and tokens do have. Bitcoin's "brand recognition" still is a very large advantage and it could well be worth hundreds of thousands if not more each. We'll find out.

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