Back from the paradise that is Puerto Rico. Despite the bankruptcy and Hurricane Maria aftermath, the people were amazing and the food out of this world. I can understand the allure.
Before I get to any crypto related matters, I do want to draw your attention to gold and silver. Early in January 2018, I said on Keiser Report that this could be the year for the precious metals. Did I have any special knowledge? Am I able to predict the future? No. And no. The reason was simply a Bloomberg headline from the end of December nothing that hedge funds had dumped their gold positions and gone long the more exciting bitcoin contracts. We all know how that turned out for crypto, but what about gold and silver?
Here are the charts today:
Looking good! For anyone here who hasn't really looked at the precious metals market, I've been long since 2003 and from about then until 2011/12, it was as exciting as the crypto markets are these days. Alas, the past four years has been so boring as both gold and silver have stayed in a long sideways move.
Here's what Jack Chan's chart has to say about the latest action:
Finally, the crypto market continues to tumble. I'll reiterate something I said back in February that, just based on volume numbers, I haven't seen major puking of positions. Seems lots of hodlers refusing to die. Even the bagholders in all the shitcoins are clinging on for dear life. It's a good time to remember to do your own research, don't gamble more than you can afford to lose and remind yourself that cryptocurrencies are brand new technologies and the greatest minds in the world are still working it all out. Bitcoin will either go to zero or to the moon, so be prepared for both. I'm still hodling what bitcoin I can afford to lose. I reckon there is a double bottom forming and the RSI shows it is very over sold so fingers crossed it won't tumble too much further! :D
Either way, bitcoin could use another boring 2014-2015 price action so the engineers can enjoy some peace and quiet while developing the awesome second layer (and third layer!) innovations happening as I type.