Crypto Analysis Report 12-15-18…Will Bitcoin Survive???

Crypto Analysis Report 12-15-18…Will Bitcoin Survive???
December 15 17:45 2018

Will Bitcoin survive this sell-off? Three times before we’ve seen peaks in the price and dramatic drops, only for crypto prices to move higher later.

Next week marks one year since the launch of bitcoin futures.  It seems that this event marked the beginning of the end of Bitcoin.  Bitcoin futures opened at $15,000, jumped above $17,000 and today trades below $3500.

Will Bitcoin survive this sell-off?  Roughly $700 billion in market capitalization has gone bye-bye. Projects and companies had to close up shop or downsize. Jamie Dimon called Bitcoin a “fraud.” 

Mike Novogratz, former hedge fund manager and Goldman Sachs Group Inc. partner thinks Bitcoin and the crypto movement will survive.  He even put his money where his month was by starting a cryptocurrency merchant bank,Galaxy Digital Holdings Ltd. Galaxy has since reported $136 million in trading losses, but Mike isn’t fazed by the losses.

>We have a business that we think can break even next year, if not make money. We’re not nervous;we’re frustrated that our investors have lost money. We’ve got plenty of cash to run the business for a long time. I keep telling my guys we’re a surfer getting ourselves in shape for when the next wave comes, and when the wave comes we’d better be the Laird Hamilton of crypto.

Source

The chart suggests more pain before gains and another drop of $200 is in the forecast to the pivot low, with a maximum drop down to the daily supply at $2400.

However, when the gains come, will you be in shape to ride the next wave?  The chart suggests the next wave will come once price is able to breach the daily supply at $4500. 

This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.

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rollandthomas
rollandthomas

I'm a retail investor like most of you and learning everyday, but I have been educated and trained to identified the Smart Money on the charts to pick up whatever crumbs they leave behind.

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