BITCOIN CRASH UPDATE after nailing top within days – WHAT NEXT FOR THE SNOWFLAKE LEMMINGS?
By: Clive Maund
GoldSeek.com
Monday, 25 December 2017
It’s been a rough week for the latecomer Millennial lemmings trying to get rich without doing any work – MANY WENT STRAIGHT OVER THE EDGE OF THE CLIFF, JUST AS WE PREDICTED THEY WOULD, and are now lying in a squirming heap at the bottom of it.
Those who warned of the danger like Adam Hamilton, Bob Moriarty and myself were laughed at and derided – we were whistling in the wind and we knew it – BECAUSE YOU CAN’T STOP A DETERMINED FOOL. Hopefully though a few more thoughtful souls heeded the warnings and either took a whacking great profit or stayed away, which makes our efforts worthwhile. On clivemaund.com a Bitcoin Total Wipeout Alert was posted on Wednesday 13th December and followed by The Greatest Fool on Monday 18th December, so that Bitcoin’s peak approaching $20,000, which occurred during last weekend, was framed by these two stark warnings.
So what now – is this a “buy the dip” situation as some believe, or is the final top in? That is the question we will now attempt to answer.
There are hordes of young and not so young fools out there who are now “champing at the bit”, wanting to buy Bitcoin. They watched enviously as it rose into the Stratosphere, and now after last week’s smackdown, they can seize their chance to buy at a heavy discount from the peak price, thinking they have gotten hold of a bargain – ignoring the fact that this “heavy discount” is from a massively overinflated price. After all, “buy the dip” has worked like clockwork now for years, right? – and this is another dip, is it not? WRONG!! – this is not a dip, it is the initial plunge of a bearmarket in something that got insanely overbought and has now burned out.
On the shorter-term 6-month chart we can see why the “buy the dip” crowd, who started to appear in the late trade on Friday, might succeed in generating a bounce here, which could be quite sizeable, because the Bitcoin price has arrived back at support in the vicinity of its late November highs, and above its rising 50-day moving average. They can quite rightly claim that moving averages are in bullish alignment and the earlier horrendously overbought condition has eased, and they will certainly get all the encouragement they could possibly hope for from their vociferous cheerleaders, who have a vested interest in talking this market up, but what they may be less aware of, or willfully ignoring, is what we will now look at on the 3-year chart.
The Rest…HERE
