Update On The Breakdown In Bitcoin

November 19, 2018

With Bitcoin breaking down over the past week and now approaching the $5,000 level I wanted to bring Ryan Wilday back on the show. Ryan is the Bitcoin analysts over at Avi Gilburt’s Elliott Wave Trader Website. While there could be a bottom in place for cryptocurrencies shortly there is a potential of one final washout before it becomes a solid trade.

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    Nov 19, 2018 19:19 AM

    In a low volume holiday-shortened week is anyone surprise there is market manipulation in Cryptosks and currencies?

    Nov 19, 2018 19:34 PM

    Looking at the Bitcoin chart I don’t see why this would be a bottom but I guess it’s just a technical market anyway. Also, the whole cryptocurrency space now seems to be unfashionable, without earnings or an interesting news flow there is nothing to say about it other than what price is it…

    Nov 19, 2018 19:47 PM

    Bitcoin down another 12% today to $4895. That’s quite a move down from the highs of $19,000.

    The tone around the Thanksgiving table this year regarding cryptocurrencies may be a bit more subdued…..

      Nov 20, 2018 20:24 AM

      Wow. Bitcoin is still pulling down harder. Now at $4474.

      Now Ryan’s target of $4500 has been tagged, so we’ll see if the bounce comes or if there is more downside momentum from here.

      P.S. – Volatility is back.

        Nov 20, 2018 20:48 AM

        In fact, with markets down hard again this morning it is quite telling that “Gold 2.0” (Bitcoin) is down, and yet “Gold 1.0” and Silver are up along with the VIX hedging against financial chaos.

          Nov 20, 2018 20:40 PM

          Well to be fair it did bounce off $4500….just not for very long…

    Nov 20, 2018 20:48 AM

    “Cryptocurrencies are, in a nutshell, a bubble, a Ponzi scheme and an environmental disaster.”
    BIS head Agustin Carstens

    There are 2,502 variations of Bitcon. No doubt all of them will succeed wildly.

    Nov 20, 2018 20:51 AM


    We are in a liquidity crisis and everything is being sold off. That’s why resource shares are so cheap. We are being set up for the same rally we had in early 2016.