Lots of inexperienced traders pushing around Bitcoin (and similar) with no idea how to define the trends (short-term, intermediate-term, and primary trends). Although cryptos, including the well-known Bitcoin, are novelties, seen as a game of musical chairs by central authorities, this perception will change as price soars. Novelty will quickly turn to competition, a threat for control and dominance by increasing vulnerable governments.
Bitcoins Novelty Could Turn Competition During A Crisis
Short-term trend
Aligned up (LTCO and LTREV >0)
TIME at 32 days is slowly running out (BuST = 0.6). Short term trades do not hold beyond BuST > 2.
Intermediate-term trend
Aligned up (LTCO and LTREV >0)
Chart 1: Short-Term Trend
Chart 2
Headline: JPMorgan (NYSE:JPM) CEO Jamie Dimon says bitcoin is a 'fraud' that will eventually blow up
JPMorgan Chase CEO Jamie Dimon took a shot at bitcoin, saying the cryptocurrency "is a fraud.""It's just not a real thing, eventually it will be closed," Dimon said Tuesday at the Delivering Alpha conference presented by CNBC and Institutional Investor.
Dimon joked that even his daughter bought some bitcoin, looking to cash in on a trend that has seen it soar more than 300 percent this year.
"I'm not saying 'go short bitcoin and sell $100,000 of bitcoin before it goes down," he said. "This is not advice of what to do. My daughter bought bitcoin, it went up and now she thinks she's a genius."