Saturday, February 17, 2018

Bitcoin Commentary From The Arms Race Of Stupid, And Some Comparative Charting

I didn't think anyone could possibly top Forbes and Fortune Magazine for absolutely ill-informed, idiotic commentary on Bitcoin and all things crypto, but Ellen DeGeneres has come from behind to take the crown. Have a read over this piece from Coindesk: "Ellen DeGeneres on Bitcoin: It's Either Worth $20k or Nothing."

(You should probably swallow your food or drink if you're consuming some right now before reading this, otherwise you might end up spitting them on your monitor.)

So outside of the realm of the dumb, here's something interesting I've noticed today on my Tradinview chart that I keep of Bitcoin/USD compared to Gold:

What's catching my eye here primarily is that gold and Bitcoin have been moving up in tandem over the last week or so, but are now showing opposite action: gold hit near a previous top and now displays a "bearish engulfing candle" (it also almost formed a "shooting star," a sign that a trade has become "tired" and trader sentiment is beginning to turn the other way), while Bitcoin has been putting up a series of "bullish engulfing candles," establishing the uptrend that began with the appearance of the bullish hammer candlestick on a spike in trading volume on February 6th.

One possible explanation for the different action in the two assets that have begun to be viewed as "safety trades" is simply that Bitcoin is a 24/7/365 global market while gold trades Monday through Friday. Sometimes traders unload gains before a weekend and then pick up where they left off when the market opens again the following week.

On the other hand, it could be a further sign of what I've begun to suspect, that Bitcoin is eventually going to upend gold as the preferred long-term store of value by a majority of the global populace. Time will tell...

No comments:

Search Paul E.

Disclosure Policy - Privacy Policy
jenna jameson chasey lain tera patrick briana banks sunny leone lanny barby stefani morgan savanna samson monique alexander cassidey