I haven’t pulled away from my thesis that Bitcoin (BTC.X) is likely heading lower in the short-to-intermediate time frame. 

There is so much emotion in the crypto-currencies and largely that is because many, if not most, of the traders in it, have never traded anything else before, and they are seeing this as a “money-making scheme” that they can get rich quick off of. They do this, while completely ignoring the risks and downfalls that are associated with it. 

So when reality hits, and things don’t go according to plan, they flip out, they double down, attack other people who hold a different view point (like me!), and essentially they see someone else that they can blame for their frustrations and problems

Again, I don’t have any positions in any crypto-currencies. I find the charts fascinating because there are so much emotion and volatility in them.

But never once, have I regretted not trading them. 

That being said, as an update to my post last week on the Bitcoin technical analysis, the chart still looks very bearish to me, and probably even more so since last week, as price is on the verge of breaking down here, and breaching a major trend-line that has yet to be broken. 

bitcoin technical analysis

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