Destination Zero

By -

First off, please press Ctrl-F5 on your keyboard. We’ve been doing a lot of tweaking on the site, and I want to make sure you get the latest, freshest version. Please do it now. I’ll wait.

OK, thanks. I hope you’re seeing the speed improvement on the site. It’s certainly miles away from what it was a week ago!

I’m sure you’ve heard about the continuing crumbling of the crypto chasm chronicled. As a chartist (and not a crypto trader), I can only point out that pink line as being the last sorta-kinda support for the bluest of the blue chips, Bitcoin, which is the kind of the cryptos with about 2,000 lesser coins under it. It has lost “only” 81% of its value, as opposed to 90%, 95%, or 99.9%.

The HODL crowd points out that bitcoin has crashed before. Umm, so this is supposed to be reassuring? My only response so that is:  yes, years ago, Bitcoin may have dropped a lot, but back then it had hardly any attention from the public. I think most folks now have seen was a disaster this has been, and I daresay that the highs we saw early this year will be the highest levels cryptos will EVER see. EVER.

Again, as a chartist, these graphs to me are images that scream little else except “lower!”, such as Litecoin (which is getter liter all the time):

And the other “big” coin, Ethereum, now about 1/14th of its peak price.

I mean, c’mon………these are bearish charts par excellance.

All of which leads me to one inescapable conclusion for the end of the year 2020: