$3,000 Is On The Table For Bitcoin But There Are Areas To Make Money
Technical analyst Ryan Wilday joins me to share his updated technicals for Bitcoin and a couple other cryptocurrencies that he thinks are set up to run. While Ryan does has some much lower potential targets for Bitcoin he says there there is also the case to be made for a bounce around the current levels.
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That was most likely not the final low.
CFS – Bitcoin dropped to $5786.86 yesterday which marked a new low for it, but as for some of the other coins they bottomed a few weeks back. Most of the cryptocurrencies have all had a big rout downwards since the end of the last year, but really they should be analyzed one coin at a time.
Stay Away From Bitcoin – Alibaba’s Chairman
Anna Golubova – Monday June 25, 2018
“Alibaba’s billionaire co-founder and chairman Jack Ma said that he has embraced blockchain technology and all the progress it has to offer, but warned against getting involved with bitcoin, which is “likely” in a bubble.
“Blockchain technology could change our world more than people imagine,” Ma said on Monday. “Bitcoin however could be a bubble.”
http://www.kitco.com/news/2018-06-25/Stay-Away-From-Bitcoin-Alibaba-s-Chairman.html
nothing personal but these kind of forecasts are silly. Last week Ryan mentioned bitcoin could go down to $300 and now the title says $3000.
These numbers are silly…he could have mentioned $30…they are meaningless numbers that are pulled out of his arse.
Dave, you’re not listening to what I’m saying. And, that’s fine if you don’t want to, but you are mischaracterizing what I’m saying. Yes, Bitcoin could go to $300 but that is by no means my primary view. If you read my writings on the web and my presentations on the Moneyshow (long before I was on the Korelin Report) I have held $3000-4700 as key long term support. Yes if $3000 breaks, I’ll have to look that low. But saying that it ‘can go’ is not the same as ‘should go’. My expectation is that we don’t see lower than $3000 and when we topped in December that support was marked and I have consistently held that out. What has been difficult is that we had three rallies that setup as if the market didn’t want to go there, but they ultimately broke down, so I had to return to looking lower. Possibilities and probabilities are not the same.
I have hard stops set to protect 92% of my crupto gains. I am down from 500% gains in January. So I am giving it plenty of room to run.
You guys must be looking at different charts to me!
I see the bottom having occurred last week for most cryptos.
https://www.worldcoinindex.com/