Bitcoin Rally Update

Some experts have proclaimed that the Bitcoin rout is over and the next big bullish phase has started! What? Do they mean Bitcoin prices are going back above $19,000 again?  I doubt any big  Bitcoin bullish phase will happen, at least not until all 5 sets of Minor degree waves has completed.

You can hope, wish, pray and use Black Magic if you like, but doing those things will not help a bear market to miraculously turn into a bull market again. In order for that to happen Bitcoin needs buyers to come roaring back, but buyers are not coming back. Well over $500 billion has evaporated since the Bitcoin crash and there are no clear signs of this letting up.

Report: 9 Cryptocurrency Hedge Funds Have Closed in 2018 – CoinDesk

The news that hedge funds are closing their doors, is typical in a bear market. It also does not instill a lot of bullish confidence.  We are getting very close to the magic $6000 price level, where Bitcoins can get into another downside breakout position.  Another H&S pattern is also being created.

As of this morning I see that 1599 ICO’s have been issued. I watch this number for signs of it slowing down or even reversing.  Bitcoin prices could head up to the declining trend line, but then the bearish phase should resume.

I will not produce Bitcoin wave counts for every little turn as I will not produce mindless trade setups.  The Crypto market is a very small part of the big capital base and until it can show big cycles like gold or silver does, it is not an investment. If the new Bitcoin devotees talk about Bitcoin investing, then you better know the difference between investing and speculation. Most Bitcoin speculators have no clue what technical analysis is, never mind getting good at it.

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