December, 8, 2017 Bitcoin Mania Review

 

Trying to put a wave count to Bitcoin is an exercise in futility. The main reason is that the wave degree levels I’ve been using was far too large. Some of these wild Bitcoin moves are happening in 4-10 hours. One move Bitcoin dropped $3000 in just 10 hrs. Any 10 hour time period is not an Intermediate degree by any stretch of the imagining, so I dropped my degree levels a minimum of 2 degrees. My highest degree level now starts at Minute degree. 

Besides the degree level not even being close, there is another problem with the charts. In the downloaded chart above, we have two peaks with one peak ending just a bit above $17,000 per Bitcoin. This pattern is not what we see in real time on the charts, and it’s another reason why any wave counting is futile.  

 

This chart I clipped from Coindesk, and we can see a double top at $17,000. Everyone knows what a double top can bring, but it will not take too long to see if this double top will hold. My interest in Bitcoin is purely the crowd psychology aspect of it and all the wild stories about Bitcoin losses and robberies. The Bitcoin world is like the “Wild, Wild West 2.0” as every boom cycle attracts all the crooks and scammers as well. This has happened in every mania, I ever looked at, so it’s nothing new from my perspective.

Bitcoin is part of the bigger tech bubble, no different than the tech bubble of the late 1990s. I’m sure Bitcoin will go down in history as the all time greatest mania, ever!  The wild stories coming out about Bitcoin robberies, and massive data overloading, has shut down or crippled Bitcoin trading sites. Online wallets going missing, hard drives thrown away, does not sound like a system that is stable.

Bitcoin miners are hoarding Bitcoins, and they could decide to sell all at once. You can be certain that when they all do decide to sell, the price of Bitcoins will not remain where it is today.   

Money, or Bitcoin is just a medium of exchange, a tool to measure something to a piece of paper. That’s just like buying a bunch of plastic rulers, thinking they are an investment. Dozens of private Crypto currencies are coming out, with talk about the Fed issuing “Fedcoin.

Search the internet and you will find this world full of bubbles and manias, which is the most I have ever witnessed.

In the big scope of things we need a huge market correction to wipe out much of this delusional thinking, that is gripping  speculators in late 2017.    

Hits: 0

Share this...
Email this to someone
email
Print this page
Print