Everybody got excited about BTC breaking up as COIN started trading. So far it looks like a false break out, but let’s see how BTC trades in the coming days.
COIN is just another proxy for this space, but actually “sucks” money from existing BTC etc.
If COIN is great or not is to be seen, but as one of our readers wrote the other day; “COIN, a company that makes profits from traders who profit from nothing…”
Bitcoin has actually done little, trading at pretty much same levels as we saw it trade in mid March as well as mid Feb.
Not great returns but rather high volatility.
The longer term negative divergence in RSI is starting to “bother” us somewhat…
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BTC doesn’t respond to “normal” analysis…as it has proven year in year out…
BTC has it’s own dynamics…it doesn’t respond to RSI the same way as other asset classes do
Do you think we’re due for a big selloff in the coming months?
I would pick bitcoin all day long over what ever this ‘coin’ thing is you are on about
As per the TA with my fibonacci indicator, bitcoin has been showing a bearish trend recently. The future of btc is still very uncertain. Warren Buffett, calls bitcoin a “delusion” and “rat poison”!
Instead of indulging yourself in anything new, it’s better to stay with bitcoin. Though the returns are not that good right now but it doesn’t mean that it won’t be good in the future too. The nature of cryptocurrency is such that it will give you profits but not soon.