UNDERSTOCKED? Blockchain Hypetrain Derailed
Updated
NASDAQ:OSTK had a big big run into the winter with blockchain and ICO talk.. tons of new money jumped in thinking it would be the blockchain darling of the street... No real earnings and the tail-wind risk of being a 'blockchain only' company puts a lot of risk-on when holding that.. it seems to move at the mercy of the crypto markets.
Right now crypto & bitcoin market caps are bleeding in a overdue correction, couple that with the SPY & NQ pullbacks today and i can see this re-tracing back to $51 and $42 potentially.. Long term i think they can find their footing but the $80 valuation was nutty
Right now crypto & bitcoin market caps are bleeding in a overdue correction, couple that with the SPY & NQ pullbacks today and i can see this re-tracing back to $51 and $42 potentially.. Long term i think they can find their footing but the $80 valuation was nutty
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larger H&S here going to play out
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