Inserted Video
- #15,811
- Nov 20, 2017 12:38pm Nov 20, 2017 12:38pm
- | Commercial User | Joined May 2007 | 7,685 Posts
huh. interesting chart. if this is a real bull flag - we would be looking for 1.32 longer-term in the EUR/USD.
- #15,818
- Nov 27, 2017 5:24pm Nov 27, 2017 5:24pm
- | Commercial User | Joined May 2007 | 7,685 Posts
I am not going to be posting these technical analysis videos on Cryptos anymore. I simply cannot in good faith recommend being involved at this point, as there are a lot of things lining up to suggest we are getting close to the top. There aren't many good ways to short Bitcoin/Ethereum, etc.....at least not until the futures contracts open in December, and at that point I suspect the margin will be much larger than most of you have to trade with. This monthly chart says everything to me, and I think $10,000 is about as large of a round figure that you will see.
The biggest problem that I see is that the only reason that it is rising is speculation. There were over 300,000 accounts opened at Coinbase last weekend alone. There is no actual demand for transactions being made with Bitcoin, and therefore, there is no utility. If there is no utility, sooner or later people realize they are holding nothing but random digits, and that they might not actually be worth $10000 each. In fact, it might even be a scam. After all, those 'mainstream people' that the 'smartest guys in the room' have been making fun of in this trade simply must join or Bitcoin is fucking dead. These kids can pass it back and forth as much as they want, but in the end - if it isn't actually being using on the whole, sooner rather than later you run out of players.
I actually had a conversation with someone today that thought those new users were a great sign. No.....that's the general public, who won't stand for a 20% loss. That can happen in an hour in this thing. That is scared money. That is the money that hedgies are looking to sell their holdings to. Without mainstream adoption, this ends in tears. Also, if it did go mainstream.....how long before your friendly local government got in on the action. Most people would rather have a digital Peso than a made up digital coin. Remember, that digital peso really is backed up by something - the Mexican army.
Unfortunately, many of my clients still want me to do analysis on Shitcoin, but I am done promoting myself. I cashed out today. I am out, and the only way I am getting in is when I decide to short this train wreck. That isn't today, or even tomorrow....but that day will come. Anyone who has lived through a meltdown in the past of a bubble can see this.
Just look at that chart. There are plenty of people that think this is going to go on forever. We as a species have learned nothing.
The biggest problem that I see is that the only reason that it is rising is speculation. There were over 300,000 accounts opened at Coinbase last weekend alone. There is no actual demand for transactions being made with Bitcoin, and therefore, there is no utility. If there is no utility, sooner or later people realize they are holding nothing but random digits, and that they might not actually be worth $10000 each. In fact, it might even be a scam. After all, those 'mainstream people' that the 'smartest guys in the room' have been making fun of in this trade simply must join or Bitcoin is fucking dead. These kids can pass it back and forth as much as they want, but in the end - if it isn't actually being using on the whole, sooner rather than later you run out of players.
I actually had a conversation with someone today that thought those new users were a great sign. No.....that's the general public, who won't stand for a 20% loss. That can happen in an hour in this thing. That is scared money. That is the money that hedgies are looking to sell their holdings to. Without mainstream adoption, this ends in tears. Also, if it did go mainstream.....how long before your friendly local government got in on the action. Most people would rather have a digital Peso than a made up digital coin. Remember, that digital peso really is backed up by something - the Mexican army.
Unfortunately, many of my clients still want me to do analysis on Shitcoin, but I am done promoting myself. I cashed out today. I am out, and the only way I am getting in is when I decide to short this train wreck. That isn't today, or even tomorrow....but that day will come. Anyone who has lived through a meltdown in the past of a bubble can see this.
Just look at that chart. There are plenty of people that think this is going to go on forever. We as a species have learned nothing.