The Bitcoin Economy Is Collapsing With No Sign of Recovery
Doom, doom, doom. I want you in my room...
Sadly the long-term indicators weren't lying. I pointed out one month ago that Bitcoin is doomed with many charts in the comments here: tradingview.com/v/7mPxsnSP/ and this week my most bearish doomsday scenario of $333 triggered tradingview.com/v/4WpZy8cK/
So instead of publishing more charts as comments I give you my Bitcoin doomsday dashboard. The only reason why I published bullish charts during the last weeks was because a) I wanted to be neutral and b) I was bearish since the BTC price broke below $610 in July 2014 tradingview.com/v/wRFOPTbL/ and my lowest target back then was $450 tradingview.com/v/HvkyjwBQ/. But the market ignored all negative indicators like volume far too long and now most are caught by surprise and panic sell and the negative momentum will increase even more because of that.
TLDR: This is only the start of a very long downtrend.
P.S. My headline is from a three year old article:
theatlantic.com/technology/archive/2011/08/the-bitcoin-economy-is-collapsing-with-no-sign-of-recovery/243253/
Sadly the long-term indicators weren't lying. I pointed out one month ago that Bitcoin is doomed with many charts in the comments here: tradingview.com/v/7mPxsnSP/ and this week my most bearish doomsday scenario of $333 triggered tradingview.com/v/4WpZy8cK/
So instead of publishing more charts as comments I give you my Bitcoin doomsday dashboard. The only reason why I published bullish charts during the last weeks was because a) I wanted to be neutral and b) I was bearish since the BTC price broke below $610 in July 2014 tradingview.com/v/wRFOPTbL/ and my lowest target back then was $450 tradingview.com/v/HvkyjwBQ/. But the market ignored all negative indicators like volume far too long and now most are caught by surprise and panic sell and the negative momentum will increase even more because of that.
TLDR: This is only the start of a very long downtrend.
P.S. My headline is from a three year old article:
theatlantic.com/technology/archive/2011/08/the-bitcoin-economy-is-collapsing-with-no-sign-of-recovery/243253/
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