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Bitcoin Peak?

This is a syndicated repost published with the permission of Slope of Hope. To view original, click here. Opinions herein are not those of the Wall Street Examiner or Lee Adler. Reposting does not imply endorsement. The information presented is for educational or entertainment purposes and is not individual investment advice.

One of the great ironies of my charting recently has been my most sensational calls have been about something I’ve never traded in my life: cryptocurrencies. Maybe the objectivity of non-involvement helps.

In any case, back in March I made a bullish call on crypto, and they went up about 200% in the course of a couple of months. I’d like to suggest now, based on Fibonacci Retracement, that we’ve peaked. This is influenced, I confess, by my belief that cryptos have a very “niche” market in the future, and people seem to be under the delusion that buying cryptocurrencies is akin to investing in crypto-related corporate stock, which it isn’t.

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