Cryptocurrency opinions, op-eds, speculation, and insights. Oh, my!
Bitcoin (BTC) saw a nice price spike today (perhaps in part because CBOE futures settle tomorrow). This spike completed an inverted head and shoulders pattern that was forming. It also potentially caused a small short squeeze as shorts had to cover positions (see BTCUSDShorts).
Of all coins, Bitcoin, Ethereum, Litecoin, and Bitcoin Cash are solid picks for a few simple reasons. 1. they all trade on Coinbase and Robinhood (both are established U.S. companies) and 2. They are almost certainly all not securities.
Here on July 12th, 2018 Bitcoin is in a bear market and some indicators are bearish. However, there is also a potential inverse head and shoulders and Adam and Eve forming which could take us back to a bull market. Let’s examine the bull case vs. bear case.
Here is an image showing every Bitcoin bubble since 2010 from one low to the next. This helps one to see how a series of runs and corrections took Bitcoin from $0.05 to $20,000.
Bitcoin has shown some strength in July, meanwhile some alts haven’t kept up. This means there are some potentially amazing alt deals.
Bitcoin’s volatility is generally at the lowest it has been in a while. Each failed rally of 2018 has resulted in less volume and less volatility.
Could Bitcoin be forming an Adam and Eve double bottom on the weekly chart for 2018? If it does it would be one epic reversal.
Tron (TRX) has had a busy month. They launched their main network, will be accepted on a popular adult site, locked up some coins, and more.
Bitcoin is still in a proper bear market, and have been since the height of January 2018. Meanwhile trading volume is declining. That isn’t a great combo, but there is a lot of reasons to remain hopeful.
Here in late June 2018 the GBTC premium and the South Korean “Kimchi” premium are quickly disappearing. This has historically been a bullish sign that has signaled the end stages of a bear market.
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