Bitcoin Revisited and Where to From Here....
Well if you are a Fibonacci guy you are poised for Bitcoins continued sell-off. That may or may not happen.
I like to admit clearly when I am wrong. I people to see it too because with how many times I get it right over the years it makes me human. It humbles me and keeps me grounded where I am regardless of how often I see it correctly. This time I did not. At 6700 area I did not think it would go much further but it did. I am flat now but looking to resell again.
We are at the 50% Fib retracement from the low on the sell-off. That happened at roughly the 3106 area.
Now you can jump on the bandwagon and follow the herd now who are clearly expecting Bitcoin to go to the moon again but I am not on that boat. I won't be so if you are looking for someone to tell you to back up the truck on the dips, that fellow is not me.
I am the opposite. I am looking somewhere between here and the 12,700 area as you can see by my white lines to reenter some sells. I believe it will return to it's low and then beyond but that will be in time.
You see Bitcoin was never a store of value. It never really was a currency although by definition you could say that it is. It was a haven for criminals looking to cash out their illegal gains. It was a tool for money laundering too. It is simply computer code folks. Nothing more. Just like other crypto's. Backed generally by nothing but the faith of the people that buy them. Yes, they are good for online transactions and if they were not simply computer code I would put a lot more faith in them.
However like I told you before I saw the collapse of egold and all these other digital forms of payment before. I suspect it will happen again. As Bob Dylan wrote so long ago, "the times they are a-changin'" and indeed they are.
Black chain by itself is a good security program. It can add layers of security to online transactions but it is only as good as the person programming it. When someone figures out how to hack it (and they will at some point) it will be just like any other program.
If you wish to cash in your life savings and head for the next Bitcoin high then I wish you serious luck. You might get lucky but I doubt it. This is a sucker's rally in my humble opinion and that is all I am treating it as. There is zero reasons for the crypto to be at this level just as there were zero reasons for it to be at 21000.
Gold has indeed broken up to the 1400 mark and I have been riding it up for a while but it is for the simple reason the US dollar index is falling. I guess Jim Rickards was wrong on his June 18th prediction of Gold heading to ten thousand. So far there is no reason yet for me to crow about a bull market in Gold either. I am long with a small position and it is working well so far but it has a ways to go before I take it seriously. We are in summer months now folks and the key volume areas have a tendency to work a lot better in the thin trading volume. Cheers!
I like to admit clearly when I am wrong. I people to see it too because with how many times I get it right over the years it makes me human. It humbles me and keeps me grounded where I am regardless of how often I see it correctly. This time I did not. At 6700 area I did not think it would go much further but it did. I am flat now but looking to resell again.
We are at the 50% Fib retracement from the low on the sell-off. That happened at roughly the 3106 area.
Now you can jump on the bandwagon and follow the herd now who are clearly expecting Bitcoin to go to the moon again but I am not on that boat. I won't be so if you are looking for someone to tell you to back up the truck on the dips, that fellow is not me.
I am the opposite. I am looking somewhere between here and the 12,700 area as you can see by my white lines to reenter some sells. I believe it will return to it's low and then beyond but that will be in time.
You see Bitcoin was never a store of value. It never really was a currency although by definition you could say that it is. It was a haven for criminals looking to cash out their illegal gains. It was a tool for money laundering too. It is simply computer code folks. Nothing more. Just like other crypto's. Backed generally by nothing but the faith of the people that buy them. Yes, they are good for online transactions and if they were not simply computer code I would put a lot more faith in them.
However like I told you before I saw the collapse of egold and all these other digital forms of payment before. I suspect it will happen again. As Bob Dylan wrote so long ago, "the times they are a-changin'" and indeed they are.
Black chain by itself is a good security program. It can add layers of security to online transactions but it is only as good as the person programming it. When someone figures out how to hack it (and they will at some point) it will be just like any other program.
If you wish to cash in your life savings and head for the next Bitcoin high then I wish you serious luck. You might get lucky but I doubt it. This is a sucker's rally in my humble opinion and that is all I am treating it as. There is zero reasons for the crypto to be at this level just as there were zero reasons for it to be at 21000.
Gold has indeed broken up to the 1400 mark and I have been riding it up for a while but it is for the simple reason the US dollar index is falling. I guess Jim Rickards was wrong on his June 18th prediction of Gold heading to ten thousand. So far there is no reason yet for me to crow about a bull market in Gold either. I am long with a small position and it is working well so far but it has a ways to go before I take it seriously. We are in summer months now folks and the key volume areas have a tendency to work a lot better in the thin trading volume. Cheers!
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