It’s been 5 weeks since our last cryptocurrency commentary: “Take the money and run.”
We suggested it was time to take profits and wait for a needed 50% +- pullback.
We are dead on the mark and both Bitcoin and Ethereum have declined 50% +-.
Bitcoin traded as low as $1,836 after reaching $3100 and Ether to $155 from an all time high of $395.
The selloffs are yet another stark reminder that cryptocurrencies remain highly speculative trading vehicles.
At this moment, we are neutral as to which direction the next leg will take. We are taking a seat on the sidelines until we get some confirmation either up or down. (Good lesson here, don’t feel you must always be trading and in the game. If you are not convinced of something, wait it out.)