#Bitcoin To Continue Lower?
The price action of BTCUSD is somewhat intriguing in terms of the massive consolidation period since earl September and then a larger, say $2000, range since May of this year.
Although volatility has come down somewhat, it's still not as volatile as other currencies including gold. Aside from one hoping it's a lotto ticket, is there utility in owing it? Yes, but it is still too damn early to know at what price - and it's likely lower.
Back in November 2017, I challenged Fundstrat's Tom Lee when he called bitcoin "digital gold." I also said that it was merely benefiting from lax monetary policy that induces speculation; and there is nothing wrong with that unless you bought it at $17,000 thinking it was going to $100,000.
The price movement is just horrendous making a serious of dramatic lower-lows, and the one this owners should be weary of it it is routinely tied-at-the-hip with the SPX. For something to be anti-fiat, better than gold, why is it benefiting (and recently no so) by Fed policy?
If it breaks through $6,000, we can see the probability for a 4- and 2-handle.
Although volatility has come down somewhat, it's still not as volatile as other currencies including gold. Aside from one hoping it's a lotto ticket, is there utility in owing it? Yes, but it is still too damn early to know at what price - and it's likely lower.
Back in November 2017, I challenged Fundstrat's Tom Lee when he called bitcoin "digital gold." I also said that it was merely benefiting from lax monetary policy that induces speculation; and there is nothing wrong with that unless you bought it at $17,000 thinking it was going to $100,000.
The price movement is just horrendous making a serious of dramatic lower-lows, and the one this owners should be weary of it it is routinely tied-at-the-hip with the SPX. For something to be anti-fiat, better than gold, why is it benefiting (and recently no so) by Fed policy?
If it breaks through $6,000, we can see the probability for a 4- and 2-handle.
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