Support the Wall Street Examiner! Choose your level of support to receive a free proprietary report as my thanks. Click the button below to see your options. Become a Patron!

Bitcoin Bombs (again), Will Stabilize at 9500

This is a syndicated repost courtesy of Slope of Hope. To view original, click here. Reposted with permission.

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?

Liquidity moves markets!

Follow the money. Find the profits! 

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.

Wall Street Examiner Disclosure: Lee Adler, The Wall Street Examiner reposts third party content with the permission of the publisher. The opinions expressed in these reposts are not those of the Wall Street Examiner or Lee Adler, unless authored by me, under my byline. I curate posts here on the basis of whether they represent an interesting and logical point of view, that may or may not agree with my own views. Some of the content includes the original publisher's promotional messages. No endorsement of such content is either expressed or implied by posting the content. All items published here are matters of information and opinion, and are neither intended as, nor should you construe it as, individual investment advice. Do your own due diligence when considering the offerings of information providers, or considering any investment.

Try Lee Adler's Technical Trader risk free for 90 days! Follow the money. Find the profits!