After describing as Rat Poison Squared, Warren Buffet now says the asset is a gambling device. Even so, is retesting Q2 2018 lows and immediate resistance at $6,000, adding 6.3 percent in the last week.
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Fundamentals
The Oracle of Omaha is back. Warren Buffet may be one of the wealthiest people in the world but he, like most billionaires including Bill Clinton, is . Although is one of the million applications that can operate from , Warren says is a “gambling device” that “hasn’t produced anything” and laden with controversies. While talking to CNBC, here is what the admired multi-billionaire :
“It’s a gambling device… there have been many frauds connected with it. There have been disappearances, so there’s a lot lost on it. hasn’t produced anything. It doesn’t do anything. It just sits there. It’s like a seashell or something, and that is not an investment to me.”
Bizarrely, he compares with buttons adding that “ sits there” and he’ll
“I’ll tear it here. What I’ll have here is a little …I’ll offer it to you for $1000, and I’ll see if I can get the price up to $2000 by the end of the day… However, the button has one use, and its minimal use.”
Even so, is a proven conduit that has made international fund transfer cheap and near instantaneous. The world’s liquid asset is also evolving into a of value, a trusted asset that is global with no FX charges.
Candlestick Arrangement
At spot rates, is a top performer adding 6.3 percent in the top 10 and only trailing Cosmos in the top-15. Despite what Warren thinks of , the asset is a utility, and increasing support from governments means the resulting demand would push prices to a new high above $6,000 towards $8,500.
It’s easy to see why—candlestick arrangement thus far support bulls as prices trend above a multi-month resistance trend line visible in the weekly chart. Although we need bulls to conclusively drive prices above $6,000 invalidating bears of Q4 2018, is under immense bear pressure.
From a top-down approach, Nov 2018 bears anchor our trade plan with effort versus result analysis pointing to bears. Therefore, for traders who miss today’s leg, they can as well stay on the sidelines until prices edge past $6,000.
Technical Indicators
For a clearer picture, Nov 2018 bear bar anchors our trade plan. Bulls have a chance, but for trend continuation and confirmation of April surges, must close above $6,000 with high volumes exceeding 954k.
Chart courtesy of View
Published at Sat, 04 May 2019 23:11:31 +0000
