Daily Archives: February 1, 2018

The Bitcoin Crash Continues

Bitcoin has now reached a new record low with no end in sight just yet. About $50 billion was erased this morning already and there should be more to come. Even though the Gold/Bitcoin ratio has imploded dramatically it still wants to compress some more. This morning it sat at 6.67:1 still up from a record low of 1.74:1.

There is still no sign that Bitcoin will act like a bull market again, as we could have had a one hit wonder like Tulips were. Those that call Bitcoin an investment should read about all the robberies and hack jobs so common within all of the Cryptocurrencies. More than $10,000 has been wiped off the price of a single Bitcoin. I would have to check some more, but they say that it costs about $3300 to mine one Bitcoin. All major countries seem to be cracking down on this unregulated market, which I expect that to continue.

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Mini SP500 Intraday Bearish Phase Update

We really can’t call the start of this bearish phase a crash as this isn’t deep or long enough to make a difference. As choppy as this decline is, it can come back with a vengeance at anytime. This is what’s happening as I post, so by the end of the day this wave count could be trashed. 1987 was a single crash, but 1929-1932 was not. 1929-1932 was a single crash “and” a bear market.

I will keep any updates short as I’m working through the flu as well.

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