In this short video, I talk about Bitcoin and Cryptocurrencies.
There are a lot of people who think cryptocurrencies are a scam, or they are not tradable, or they are not real or that they’re rigged. What’s odd about cryptocurrency is that before cryptocurrencies came along, every bad thing people said about cryptocurrencies they used to say about forex, and now forex is a beacon of honesty and integrity compared to cryptocurrencies.
Is there’s some truth to that? Maybe. Two nights ago I was trading, I had a few clients that I was with on the horn with because they were concerned about the Bitcoin Dollar (Bitcoin, $BTCUSD)
The 45-degree trendline you see on the chart is the most important line on the screen, and the arcs represent areas of initially resistance and then support. And how these lines / arcs operate is like a tide that’s pushing price away from it. The longer time goes on, the less that price wants to approach that arc – it wants to move farther away from it. And so the closer we get to this arc, which has been operating as a nice resistance area so far that weekend. As time goes on, we’ll have to see what happens but when price broke the 45, we did have sustained momentum to the downside.