Daily Archives: March 10, 2018

The Great Bitcoin Crash Of 2018!

One reason that the Bitcoins demise is useful, is that it is a prelude of what may happen in a Primary degree “C” wave decline. The only thing different will be, in that we should get 5 waves down in Intermediate degree. We are also coming to the end of all March contracts and the April contracts are still very sparse, producing poor quality charts. Any new useful charts in the April contracts may only allow me to go back to the February crash bottom of wave 3.

I dislike using trend lines very much, because they are so abused they end up having little meaning. All 4 bearish trend lines are based on the 2 points of the bottom trend line. I mark the $20,000 price peak as an unknown position, and not as an X wave. The center line gives  us an outline of one lower degree, and the 4th top trend line projects where any early resistance may start.

I may be far too optimistic about a $4000 Bitcoin price crash, as both volume and total Crypto capitalization has been crashing dramatically.  I looked at 114 countries and their mining costs, and I only found 27 that had mining costs below $4000.  Once Bitcoin mining costs exceed the cash price of a single Bitcoin, then Bitcoin miners will begin to shut down.

This is not rocket science folks, but basic Mining 101.  The news you may be hearing about this Crypto world being a “New Era” is all bullshit, as those claims have been made at the tops of “every” market bubble since the 1600’s.

My wave 3 in Minor degree could also be an “A” wave, but I will explore that at a later date. The problem with an “A” wave is that I don’t like to see a zigzag correction in a zigzag.  In order for Bitcoins to still be in a bull market, Bitcoins must eventually surpass $20,000 USD again. Bitcoin charts are not giving us higher highs, so there is no chance that we are still in a Bitcoin bull market.

The Bitcoin world has been bleeding red during most of last week, so those are not optimistic indicators. If any good news does not sustain a rally, then that also indicates that Bitcoin is still in a big bearish phase.