Bitcoin Futures Bullish Phase Review

Since the February bottom Bitcoin did not inspire great confidence that Bitcoins will soar to new record breaking highs. At about the $11,800 price level Bitcoins seems to be running into a brick wall, but as usual looks can be deceiving. We have a pretty good looking H&S forming, but we also know that many times that markets have soared from this type of setup.

Any diagonal bullish phase can still push Bitcoin higher in the near term, so all hope for this bullish phase to halt is not completely lost.

Higher lows are the signs of a bull market. So in order for Bitcoins fit the description of a conventional bull market, it “must” travel well above $20,000 in the future. Since these futures have started trading no commercial traders have taken any positions in any direction. Only the speculators are playing this market, and they are very pessimistic as they have net short positions.

When the experts talk about investing in Bitcoins then they know nothing about leverage. Being a Bitcoin investor will eventually shred your account as the violent moves can destroy anything in its path.

Crypto Craze Has Hydro-Quebec CEO’s Phone ‘Ringing Off the Hook’ – Bloomberg

Big Bitcoin miners are moving to jurisdictions that have cheaper power.

Any major power outages or some solar flare smashing into the earth can stop the Bitcoin network in its tracks. Are investors running into Bitcoins to sidestep the stock markets?,  but if this is true, then when stocks make another huge bullish move, Bitcoins should crash.

As of this morning 1531 ICOs exist, which works out to about 10 new coin offerings per week. Total capitalization is sitting at $450 billion, down quite a bit from the $730 billion it once had. At one time I swore that the Crypto world was heading to a trillion dollars of capitalization, due to the momentum it had. So far the capitalization trend is smashing up against a brick wall.

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