Tuesday, June 27, 2017

Crypto Bloodbath

ETH is down like 20% in the last 24 hours. Since it hit $420 about 2 weeks ago, it's been just sliding all the way, now down about 45%.

Given that most crypto currency traders are boys between the age of 16-22, I think it's about a good time for the bigger boys to come in and graciously help them unload at losses.

My account with Gemini is up, but I think a bank transfer is going to take 2 days to credit, so probably by Thursday morning. I'm not sure how quickly I can receive my funds and take some shots at this situation, hopefully this FUD in the market lasts for a while.

Normally, I would be expecting a slow death to this entire space that will last about 1-2 months, but given the ridiculous speeds in crypto, I wouldn't be surprised if the window of opportunity to pick up some good stuff is NOW.

But to be fair, this space is serverly overheated. I actually hope we can properly shake out all the weaklings who are investing purely based on technical analysis. Personally, I think TA is almost worthless in the crypto space. I'm looking to pick up stuff which I think are both good technology and good value.

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