PREFACE: I know I’m going to get more cracks about “the Slope of Crypto”, but C’MON – – my 100% success with crypto calls is freaking me out. I seriously should just only trade crypto. It’s just getting bizarre. In any case, I composed this post HOURS above when we were banging around $42,000, and during my meetings here in Chicago, I kept glancing to see that crypto was in a free-fall. So……..my stupid goofy guess was spot-on. Again. Anyway, here’s the post:
I have stumbled upon many ways to make people angry on the Internet. One, obviously, is politics. Another is to dare say anything about anyone under 18 years old. And another is to imply crypto might just go down. I’m going to do that third one right now.
Of course, I already suggested that the bounce had gone about as far as it was going to go, and a rousing chorus on nobody agreed with me. Here are five charts that reflect my belief. First, you’ve got otherwise gorgeous bullish formations which have failed:
There are major bullish bases which are still intact, but the retracement to their breakout isn’t done:
Here’s another example of the same:
Most importantly, Bitcoin has hit an absolutely wall of resistance represented by that red horizontal:
And, finally, Ethereum has a squeaky-clean resistance line represented by that blue trendline, which used to be support and now has switched roles.