Bitcoin Intraday Swan Dive Update.

After a near perfect double top, Bitcoin succumbed to the bears and proceeded to implode. How deep Bitcoin can crash down on this trip remains to be seen, but if the inverted flat has any teeth to it, then the $11, 500 price level will not provide any long term support. All these Cryptos are used for speculation, and it’s only extreme leverage why these Cryptos make such wild moves. I’m not against any speculation, but when markets go down, they produce all sorts of fears. When fear dominates, then irrational decisions become obvious.

Last year saw a massive explosion of different Cryptos coming online, but early in 2018 it seems like new ICOs issues have hit a brick wall.  The last number to beat is 1385, related coin offerings. It will remain to be seen if 2018 remains bullish with many more ICO offerings, but sooner or later the weeding out process will start.

It’s still far too early, for any Gold/Bitcoin ratio calculations to be taken seriously, but spot checking the ratio every few weeks will help.

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