In this video, I talk with author and economic analyst John Sneisen @TheEconomicTruth about the recent close call Bitcoin had as a death cross was confirmed and then failed to create an immediate problem.
A death cross is a bearish technical indicator when the 50 day moving average and the 200 day moving average cross over.
However, we've seen a bullish support on the death cross in the past. In 2013, we saw one near death cross where Bitcoin actually found support on the cross and this lead to one of the greatest Bitcoin rallies in cryptocurrency history. Now after that rally, there was a confirmed death cross and it also lead to a multi-year bear market. So the question is, which way will this go? Well so far it is doing as the first cross in 2013 did and finding support off of the unconvincing flat line of the 50 DMA.
No one really knows, it's speculation. You'd have to understand collective general human psychology to know what happens yet, and who knows how much bearish FUD will be caused by media with fake stories like Bitcoin bans and regulations. It's all up in the air as we write this. But it's true to say that Bitcoin found itself resisting the death cross and climbed up to around $7500. We are not convinced we've seen the bottom yet. But we shall see.
This recent correction has certainly been one for the history books and there's no doubt it has hurt a lot of us, but this is an incredibly healthy correction, and technically we've seen a lot worse, going back to a time when only crypto nerds knew what Bitcoin was. Now it's adopted by so many, it's hard to imagine the bear market will last anywhere close to as long.
Let's keep in mind the fact that this allows us to focus on how important Bitcoin is to the world. The fundamental reason for it existing. To end central banks and making government obsolete.
There are a lot of terrible cryptocurrencies out there, but there are a few great ones too. We must base more on fundamental value and application use than speculation. If we focus on value we shall prevail. If we always want more more more, we will get less less less. Greed begets failure.
See the FULL video report here:
Stay tuned for more from WAM! Don't forget to Upvote & Follow!
If you like what I do, you can donate to my Bitcoin, Litecoin or EOS addresses below! :)
Bitcoin:
Litecoin:
EOS:
I'm starting to think that bitcoin won't recover until there is clarity on what happens with Mt.Gox coins.
That shithead Mark Karpeles did an AMA on /r/bitcoin today, an the market started dumping like a rock: ~~~ embed:Bitcoin/comments/89o16y/im_mark_karpel%C3%A8s_exceo_of_bankrupt_mtgox_ask_me/ reddit metadata:fEJpdGNvaW58aHR0cHM6Ly93d3cucmVkZGl0LmNvbS9yL0JpdGNvaW4vY29tbWVudHMvODlvMTZ5L2ltX21hcmtfa2FycGVsJUMzJUE4c19leGNlb19vZl9iYW5rcnVwdF9tdGdveF9hc2tfbWUvfA== ~~~
Seems technicals don't matter at this point.
It will definitely make a come back.
Oh, it’s going to make a comeback. I’m not convinced we’ve hit the bottom yet, either, but Bitcoin has been extraordinarily resilient.
It will definitely come back. The awareness of Bitcoin in the general population (at least where I live) has risen but most people still are hesitant to get involved because of the price volatility and tendency to think of it the way they think of stocks. When the next ascent begins, there will be an unprecedented number of newcomers jumping in by then, the speculators might even be willing to stay in for the long haul as other good options for investment and wealth preservation dwindle.
Bitcoin may see a new low but sellers are running out of steam according to the MACD.
Now that Bitcoin has a futures market like Gold, the market manipulation will never allow it to rise like before. As soon as the price action spikes, they will beat the price back down just like they do with Gold. At least with gold it actually exists in the real world and it has real world value. What can I do with Bitcoin again in the real world? That's right, nothing but hope someone else wants to pay more for it than I did. That is not anywhere close to intrinsic value like gold possesses.
I’ve said it before CASH will always be KING and crypto can only add to your wallet . If it is dependent on electricity then it is vulnerable . I can always give you $5s for a whatever whenever , and your going to hurt any money velocity or fluidity if you take cash completely out . The black market would seize to exist , but you would also inadvertently shut down a lot of mom and pop operations that do well in the cash world . Sometimes if it isn’t broken you shouldn’t fix it . Now I’m not saying nothing bad about cryptos , I’m saying they can be a very good part of it , but not all of it . Thats just unrealistic . Thank you for your work 👏👍