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Some time has passed since I wrote a more lengthy article, but not nearly as long a time as this gruelling bear market in cryptos – now 12 months long, and counting. So, in this article I’d like to rewind the clock a bit.
When we first saw our bull market top in cryptos, I did not fully expect a long bear market such as we’ve seen. While the March breakdown confirmed in my mind that the $3000 to $4700 zone would be visited again, I did not think it would take this long.
Although I don’t trade them, I persistently find the cryptocurrencies to have fascinating charts. Every line seems to have meaning and import. Notice how Ethereum scraped along its supporting trendline, vaulted higher, and then weakened at the horizontal.
I was originally going to be back midday Tuesday, but I’ve rearranged flights to get back in the saddle late tonight. I can’t stomach being away from all my computers and screens an longer. Running this site remotely is just too awkward. While I am sorting through my own charts, just an update on the wonderful world of crypto – – one glance at the charts will tell you all you need to know.
The trendline I pointed out multiple times during Bitcoin’s recently collapse proved, after all, to be important support. We’ve got a strong bounce going, and it could well keep pushing higher, considering how swift and thin its recent collapse was.
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%.
Unrelated to this post, I want to mention again that Slope’s sudden popularity is crushing our servers; the whole team (as well as some outside consultants) are hard at work at getting us past this Slow Slope Situation.
I see that cryptocurrencies, perhaps the greatest scam in a generation, is continuing to plummet toward worthless. Here’s the “blue chip” bitcoin, featuring the image of the self-described Crypto Genius (remember all his ads a year ago?)
I had been joking for weeks now that Bitcoin seemed to be stuck at precisely $6400. Its volatility has basically gone to zero. Whereas a year ago the entire world was OBSESSED with crypto (and all the scamsters and con artists crawled out………..) now it’s quite evident this technology was simply a solution in search of a problem (……..a problem which apparently doesn’t exist) and the entire “industry”, if one dares use such a term, is collapsing. $BTC has broken support.
As sneering as I’ve been to cryptos all year, I’ve got to say, they’re starting to show signs of stability. Personally, I still have no use for them, but Bitcoin has exhibited an increasing “hominess” at around the $6500 price level. It has tried several times to break below $6,000, but it has succeeded four times in turning away from that failure point.