View: slopechart_$BTC.jpg

slopechart_$BTC.jpg

Bitcoin update, mostly for my ongoing catalog of questionable charting preserved forever in social trade: 

Apparently I am not the only one who drew this trendline. Price has been playing around it for 40 days and 40 nights. (well, 41, but you know, who doesn't love a Biblical reference?) 

SEC appears to be defining which cryptos are securities and which are commodities by way of action taken against bad actors suddenly. I can't see the future but applying my brain to the facts at hand yields - Bitcoin is the only one that can escape by being defined as a commodity, all else are going to be defined as securities. I think that puts about 99% of crypto out of business, or at least untradeable in the U.S. without running some kind of I.P. masking to trade in foreign lands. I can think of a half dozen projects that might possibly be able to justify their existence and make it through the firestorm that is brewing. 

Quite a while back I said Bitcoin will lose a zero or two before this is all said and done.

Image added via SlopeCharts
slopechart_$BTC.jpg

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