BEARISH ON BITCOIN!! [FULL ARTICLE]
I am so bearish on Bitcoin at the moment. RSI, BOP, MA's & EMA's all indicate a further drop for BTC is coming. After testing the 6k mark and bouncing straight back with such volume, its very clear there is institutional money manipulating the market on a huge scale. Media outlets have been very negative toward Bitcoin and the crypto space in general for a little while, then all of a sudden there is a massive shift in the tone of the media just as Bitcoin appears to hit its bottom. Very convenient. To me, this smells worse than 5 day old portable toilets at a festival, festering in the desert sun. It would be a perfect play for the elite to simulate a reversal at 6k, and with help from their chums at CNBC cast a wave of certainty all of a sudden in the media and hey presto, we are all saved. Then BAM...Bitcoin drops to a new low of $3,500.
In 2018 cryptocurrencies will be more understood on a wider scale and therefore more fairly valued based on a few factors
Utility - What is the coin used for? Whats its purpose? If you cant answer these two questions of a coin after doing research, then the chances are that its not something you should be investing in, in my opinion. There are some very good projects out there in which the tokens have real world uses and solve a huge problem within society. This entire crypto space is so new and so fresh, that its infancy stage was always going to be a huge experiment, the initial stages of that experiment are now complete because most people in the western world have now heard the word Bitcoin. We have reached a level of conscious adoption, the next level of adoption will be a practical adoption where the every day consumer will interact daily. How and when depends on efficiencies.
Unregulated markets are the wild west of financial markets and so far this has not disappointed. Think of the thousands of first time investors who entered into this market at $15-20k looking for quick and easy ride and were met with an absolutely brutal correction, a complete media smear campaign for Bitcoin & Co just days after the very same media outlets featured story after story of a crypto millionaire or some kind, or a financial expert claiming 50k was imminent. The only way to avoid getting emotional and falling into these traps, is to focus on a coins utility, just as you would focus on the companys' ability to deliver the goods when you buy stocks, this situation is no different at all.
Efficiency - How well does it perform at its task? Whats the Energy Consumption? Many people who believe that blockchain is the future understand the great benefits this technology can bring and the problems it can solve, other people have no idea at all what blockchain is, your average Joe, who just see's Bitcoin as Bitcoin, nothing more, most people just want to see numbers on a screen they can spend. Which is cool, I mean, most people don't care how the pistons in their car engine operate, as long as when the turn the key and put their foot down the car moves. Its not essential for every single person to understand how it operates, but adoption of digital currencies does require acceptance from those very people. Bring on Bitcoins energy consumption. There is no way, with the current economic climate of the the world, that we are going to be ushering in a new digital currency, which consumes as much power as what Bitcoin does, and it be accepted and integrated into our everyday lives. Its not going to happen.
I think Bitcoin will face problems when confronted with these questions which are going to come to light sooner than you might think.
Peace&Love
ParagonCrypto
In 2018 cryptocurrencies will be more understood on a wider scale and therefore more fairly valued based on a few factors
Utility - What is the coin used for? Whats its purpose? If you cant answer these two questions of a coin after doing research, then the chances are that its not something you should be investing in, in my opinion. There are some very good projects out there in which the tokens have real world uses and solve a huge problem within society. This entire crypto space is so new and so fresh, that its infancy stage was always going to be a huge experiment, the initial stages of that experiment are now complete because most people in the western world have now heard the word Bitcoin. We have reached a level of conscious adoption, the next level of adoption will be a practical adoption where the every day consumer will interact daily. How and when depends on efficiencies.
Unregulated markets are the wild west of financial markets and so far this has not disappointed. Think of the thousands of first time investors who entered into this market at $15-20k looking for quick and easy ride and were met with an absolutely brutal correction, a complete media smear campaign for Bitcoin & Co just days after the very same media outlets featured story after story of a crypto millionaire or some kind, or a financial expert claiming 50k was imminent. The only way to avoid getting emotional and falling into these traps, is to focus on a coins utility, just as you would focus on the companys' ability to deliver the goods when you buy stocks, this situation is no different at all.
Efficiency - How well does it perform at its task? Whats the Energy Consumption? Many people who believe that blockchain is the future understand the great benefits this technology can bring and the problems it can solve, other people have no idea at all what blockchain is, your average Joe, who just see's Bitcoin as Bitcoin, nothing more, most people just want to see numbers on a screen they can spend. Which is cool, I mean, most people don't care how the pistons in their car engine operate, as long as when the turn the key and put their foot down the car moves. Its not essential for every single person to understand how it operates, but adoption of digital currencies does require acceptance from those very people. Bring on Bitcoins energy consumption. There is no way, with the current economic climate of the the world, that we are going to be ushering in a new digital currency, which consumes as much power as what Bitcoin does, and it be accepted and integrated into our everyday lives. Its not going to happen.
I think Bitcoin will face problems when confronted with these questions which are going to come to light sooner than you might think.
Peace&Love
ParagonCrypto
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