Now that both of our indicators, codenamed "Spa" and "Monaco" are now on BUY signals, we have transmitted a BUY for Bitcoin at a close above $8400, that triggered at $8908.10. A few notable changes have occurred since our two previous (failed) attempts to catch the bottom of Bitcoin's price. Most notably, when trading markets, news known is news discounted, which means that fears of the unknown scare market participants often much more than the news itself. It turns out that many of the concerns over regulation and cryptocurrency appear to be overstated. At the MCR Market Report, we agree that some form of regulation would be good for Bitcoin as perusing the message board Reddit shows us the absolute naivete of a multitude of bitcoin investors--taking out second mortgages to invest in crypto, etc. In addition, some regulation will be necessary if Bitcoin is to achieve a status of being its own asset class, one in which we believe it rightfully deserves.
Latest Chart, both indicators on buy signals:
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