Bitcoin Futures Daily Chart Bear Market Review

I have been reducing all my Crypto related postings as this is not my cup of tea so to speak. I don’t trade in or invest in Bitcoin related markets. For now it  may only be updated several times a month. I may even  stop posting altogether as I’m more of a gold, oil stock ETF trader. Bitcoins and our Canadian Medical Marijuana market imploded much like the Bitcoin market did so I’m equally bearish on Marijuana related stocks.

This is the Bitcoin cash chart which only moves during the day and is starting to fill out so we can keep that December 2017 peak in view. This chart shows a high of 19,315 after which Bitcoin crashed down to $6000. This Bitcoin crash was one of the easiest to expect as all the classic signals arrive just before the top.  Investors just love to buy high as they think it is the best time to get in. When the majority thinks like that then the markets only has one way to go and that is in the opposite direction.  The greatest fool has arrived and there is no one left to jump in.

Bitcoin has been on a bullish run, but then that $12,000 price level would produce extreme resistance again. The Crypto market is changing rapidly as Miners jump from one country to another in finding the cheapest electrical cost. Also new mining, hardware is constantly evolving, so to keep up with it all is not my specialty. Many companies related to Bitcoin and Blockchain have crashed and worst of all Bitcoin and Cryptos have never had an established track record of bug cycles. I’ve talked to Bitcoin investors or traders that had an extremely hard time to get Crypros converted to good old fashion US currency and back home into their US checking accounts. The two way flow must be tested to make sure no roadblocks exist, and once withdrawn it must only take about  3 business days, otherwise chances are good, you don’t own that asset as others are trying to claim it as well. I have a small Goldmoney account and it takes three business days to redeem US currencies directly back into my US checking account.

The speed of which we can convert cash into our hands is the most important factor.

So far not a single commercial trader has even opened up and positions going in any direction, so from their perspective, there is no interest at all in playing this game.

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