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Welcome to the Hypto Crypto Currency Review 

 Friday December 08, 2017

today is the day that the futures contracts start trading on bitcoin

now the primary price action has been on bitcoin the primary focus has been on bitcoin as I’ve been saying to everybody that or that usually won’t even listen or gets to scared the bitcoin has to go up because of the way that it’s structured

I cannot tell you how many people I know who said it has to fall they told me that have had to fall at 5000 they told me it had to fall that 8000 and 9000 10,000 and now it’s sitting at above US$15,000

mathematically bitcoin is designed to go up especially when there is a lot of demand

now the bitcoin futures arebadly designed they have circuit breakers in other words if they fall by too far things get off

as a result they may not have much effect on the market because the market trade in a lot of other places elsewhere so those who wish to sell in the physical market will go elsewhere they can’t shut down the distributed exchanges around the world

most of the risk that has been in the crypto currencies has been the risk of missing out in being in the crypto currencies particularly bitcoin

you could take or leave bitcoin cash you could take or leave bitcoin gold but if you did not own bitcoin and do not own bitcoin in this inflationary world outside of bitcoin bitcoin is the one that is showing what the inflation is doing around the world

at the moment I’m seeing lots of Americans complaining about how you used to be able to go to the movies for $7.95

I know during the GFC you could go to the movies for $5 so we have inflation in a lot of countries in asset prices and nowbitcoin is showing

  •  is that   there is a limited supply of sellers in fact almost 9 in the bitcoin market
  • that there is inflation in the US markets and depreciation of all of these currencies against probably the one pure currency that there is bitcoin
  • regulators and exchanges want to get in on the act that they won’t be able to do that because bitcoin goes beyond borders and knows borders
  • and that crypto currency does not mean profit bitcoin means profit

bitcoin BTC USD

we have seen our 1st doji for a while a couple of times we have seen a doji in the past like over here the market has kept going

and we can see that it had reached a high of 15,820 in bit finex and in fact Bloomberg is was reporting that it broke through $15,000 before bit finex had in fact traded above there

most of these press to new highs and a pullback on the press to new highs appear to be buyer reluctance rather than seller coming out of the woodwork

there was good hit on the last 4 our part of volume but the reality was the close wasn’t much different to the open and we can see it taking off again

there just are no sellers in bitcoin of substance to suppress the overwhelming demand for it

the general public at finally trying to get in

and on the charts I can’t see anything to say that this is ending

it seems to respond to know overbought or oversold situations

with the advent of the richest contract it may slow down there may have been some purchases of bitcoin for the reasons of being able to short off at the moment we just don’t see it

what you are looking at is the one-day chart previous thing I thought was  5 wave was really a creeping correction

or a running correction more precisely

meanwhile back at bitcoin cash land

we see that BCH USD is about to hit the bottom of the band or at least is retesting some lows on the daily chart so we might might start to see some buying come in around about the 1000 area or you could buy some now with a stoploss below 900 and hope for rotation back up to 1800 probably not more

BTG USD bitcoin gold

this could get down to $160 you can see that the sit the there is selling of this and buying of bitcoin because bitcoin is the strongest

DSH USD

this is in an area where you could think about buying a little bit with a stoploss below 600 and look towards may be a rally towards $800

EOS USD

I’ve been saying this could washout down to $3.80 in fact that washed out very nicely down to almost $3

I would have liked to have seen that down there because it will start to take off again in my opinion

we probably expect a churning behaviour in this point of our lives for this 1

if you are long have a stoploss below $2.75

ETH USD Ethereum

a fairly great disappointment but it is now into some support so if you wish to buy Ethereum this would be the place to do it with a stoploss at $390 for good reasons it’s not as popular as point

in other words they produce too much of the stuff

IOT USD

this has come back down after its big run-up it’s got all the way back down to 3 and then come up so these are this is in a correction and it will go higher eventually after its gone sideways for a while

LTC USD Litecoin

this also had a flurry down it also found support and is a buy with a stoploss below $84

and you would buy it if it crossed above $100

Neo USD

this also got down into some support and it is a buy with a stoploss below $25

POWRBTC

this did make the lows it’s going sideways at the moment there was some good buying come in on that level and it is kind of overbought but I would say best thing to think about would be another low needs to clear above .00004 of the bitcoin before going higher with good conviction

XRPUSD ripple

it had the washout I think it’s probably okay with a double bottom now and should roam back up in its pesky little range in its own little pond towards 24 at $0.25

Zcash

a very similar story and at the moment we can see that this is doing some interesting stuff I must say probably goes lower unless it clears through $320