Hi, looking at your history of posted trades, you have highly detailed and rationalized fundamental reasoning behind them all.
Do you have a similarly detailed fundamental rational behind this chart and its timing?
Thanks a lot
Banker928
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This chart is simply my philosophical view that BTC is a bubble. It is my view that the incoming regulations will drive away many of the people who have been attracted to BTC in the first place, reducing demand and lowering price. Technological limitations inherent to BTC will become apparent as its use becomes widespread which will ultimately limit its large scale adoption. For price to break much higher, large companies would need to adopt BTC for large business to business transaction, which currently is unlikely given the ownership of large amounts of BTC are controlled by a handful of people. This increases the inherent volatility of the asset which makes it far to risky for large businesses to use as a psuedo-currency. Another bearish point for BTC is that there is nothing proprietary about the virtual currency. Competitors have and will continue to spring up. Ultimately this will siphon off demand for BTC while increasing supply of total virtual currency, leading to an adjustment of price going lower.
johnrfraser
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A very interesting perspective, thank you very much.
Is there a price you would buy in at despite your overall view?
Is there a reason you chose in your sketch, a bottom of $150 rebounding up to the roughly $300 level...or is this reading beyond the intended message?
Banker928
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from a technical perspective... 270ish is a pretty big support.... Id expect a brief overextension below this... then a period of consolidation around this level.... maybe $75 plus or minus until a new development beyond what I can see today drives the direction.
LastBattle
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Good signal, this only further validates my theory that its almost time to buy,
Thanks for the "bear" news :)
MoonTrader
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Be greedy when others are fearful, and fearful when others are greedy.
Yep, that pretty much explains why I'm bullish now.
Do you have a similarly detailed fundamental rational behind this chart and its timing?
Thanks a lot