Bitcoin this week bitcoin takes a tumble bitcoin cash comes under scrutiny and thats not all
Here are charts of XBT intraday over the past 31 sessions, and daily, over the past year. You can see on both charts there is heavy overhead in the 15,, area. Going up into that area and then breaking down from it would be a logical trigger for a short. You could then set your stop and position size based on some rule that defines a violation of that pattern e. The other near-term scenario is where bitcoin tries to get away from you on the downside.
Given the faith-based nature of the asset, it is entirely possible that we get very little bounce here, and bitcoin continues to tumble. The odds of a continuation selloff are high. So this is what you can do. Bitcoin closed at 14, on Friday, after an intra-day low down near 11, If we close below 14,, you can short it, betting that the unwind is not over.
Again, you have to set a stop that makes sense at that point in time, and size your position accordingly. And you need to be mindful that it is quite possible bitcoin will trade weaker when the futures maket is open than when it is not. But you should not be afraid to chase. If it is truly a bubble, and the fever has now broken, there is still a lot of potential downside—however viable you might believe the underlying technology to be.
This is not going to end well. The frothiness is so bad that the very wealthy speculators in these cryptocurrencies—all well-connected, highly educated white men in their 20s—are going after small-time investors like Ms. Lomeli, the house cleaner, who is not male, not young and not well connected.
There are securities laws from the s, and stringently policed by the Securities and Exchange Commission SEC and other federal agencies, along with the FBI, to keep small-time, unsophisticated investors from speculating their life savings in these rickety investment schemes. These laws were set up for a very good reason—the Great Depression opened up with a bang when millions of small-time investors lost all their savings in lightly regulated pump-and-dump investment schemes whereby these investors bought shares in these schemes through margin buying.
And then they were left holding the bag, left utterly impoverished, when the bubble popped in and , while the pump-and-dump speculators went laughing all the way to the bank. The people who will be fleeced out of their money will be the house cleaners like Ms. I hope the SEC and the feds are keeping a close eye on cryptocurrencies, and that they indict the malefactors when the tide goes out. Something very fishy is going on with these markets.
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