The Crypto scene is up to about 951 so called Cryptocurrencies at this time. It is impossible for me to cover all of them in great detail, and I have no plans on doing so. Any comments I do have, are strictly personal opinions and should never be taken as investment advice or perceived as a “Buy” or “Sell” recommendation.
Anything in Futures, Forex and now Crypto trading involves high risks due to the extreme leverage that Forex and Futures trading contains. It seems that Cyrptocurrency trading is also extremely leveraged, but until we look at it, one Crypto currency at a time, we will never really know the amount of leverage in each Crypto. Yes, I call it all a “Mania” but that doesn’t necessarily mean, that they are in price bubbles just yet. They also had “Forex Mania” when it started so, “Crypto Mania” is nothing really all that new. One of the best manias was the Dotcom Mania of the late 1990s, until they realized that the majority of IPO’s could never make any money. There was another mania in the late 1990s, that very few people remember. It was constantly broadcasted and saw headline status until about 2001. Remember the mania that Y2K fears created? Not too many people do.
I made the big mistake of looking at the Crypto world with a rather high Elliott Wave degree level. This can’t happen because all Cryptos started from a Wave Zero location, making Potcoins just about 4 years old. This is the Potcoin price in US dollars, and there are issues with its development as much of Potcoin is used for person to person exchanges. They figure Potcoin will be used to make payments between growers and sellers as well. If there is anything to this Potcoin, like a bull market yet to come, then Potcoin should create more vertical moves in the years ahead.
In this case I used Minute degree wave 3-4 as my starting point, and it should eventually keep on producing higher lows. With a Minute degree start, we still have a full 5 degree levels to use up before we reach a Minor degree wave 1. So many Cryptos can fail and when that happens the chart patterns would Flatline!
Quebec seems to be a hot place for pot related activities, with growing operations also being set up. Potcoin seems to be started in Quebec as well. I do have real money positions in two pot related stocks, and I own two gold ETF related positions as well.
Some people I meet want to jump on the pot bandwagon, but when you ask them how serious they are, I find they don’t even have an open trading account. These people are far too late, or far too slow getting into the game, as they get their information from people around them or the news on tv. Pot related IPOs in Canada have been around for a few years already, but picking the right one before it goes vertical is always a “Crapshoot”.