Ryptocurrencies: Cryptos Wither While Other Assets Surge
Tim Knight | Dec 29, 2021 01:21AM ET
In spite of yet another strong overnight session for just about every asset on the planet, here's the odd man out with the world of crypto. Just take a look at the Bitcoin futures:
Of course, during the year as a whole, BTC has taken people on a crazy ride; first it went to about $65,000, only to lose more than half its value, and then it began another ascent, peaking at nearly $70,000, before yet again falling to pieces. I strongly, strongly suspect it is nowhere near done with falling.
Here’s the thing with crypto, though, and it’s why I basically pulled the plug late in October on my own account, in spite of having made good money with it for the trading year: it seemed every time a setup would complete, it would immediately start to fall apart.
Indeed, on my tastytrade show yesterday, I expressly said that in spite of MATIC being a great-looking chart, which I stated both here on Slope as well as on my tastytrade show the week prior, I figured it would roll over very soon. Well, “very soon” has arrived, and just like all the other beautiful-looking crypto charts, it’s turning away from what should be a super breakout and beginning to wither.
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