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Bitcoin Bombs (again), Will Stabilize at 9500

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.

I’ll repeat what I’ve always said: cryptocurrencies are a solution in search of a problem. Now that FB has started pushing the Libra concept on the world (causing even the POTUS to comment at length on it, declaring that crypto is “backed by nothing and is made from thin air” – – similar to, oh, say, the United States dollar bill) my puzzlement over crypto-fascination is even greater. I keep asking myself: am I just too dumb to get it? Or is Zuck just trying to push another moneymaking scam on the hapless people of Earth?

In any event, every crypto has turned tail, with losses of about 35% in the span of three weeks being typical. Sound stable enough for a currency to you?

Bitcoin, the leader of them all, hit its 61.6% Fibonacci level before exhaustion. If the Fibs continue to hold sway, I suppose it will find stability (if we may use such a lofty term) at about $9500.

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