May 5, 2018

Warren Buffett, Charlie Munger Slam Bitcoin Again, Resort To Elementary School Insults

Billionaire investor and Berkshire Hathaway’s Chairman and CEO Warren Buffett reiterated his negative stance towards cryptocurrencies at the annual meeting of his company Saturday, May 5. Buffet repeated his idea that cryptocurrencies will come to a “bad ending,” and claimed that Bitcoin (BTC) is “probably rat poison squared,” according to CNBC.

In response to a question on Buffet’s view of cryptocurrencies raised by an attendee from Ukraine, the “Oracle Of Omaha” has made yet another anti-crypto statement. According to Buffet, bitcoin is not a “productive” asset, unlike land or corporate shares. As a result, investors’ demand for it is the only price-determining factor, making digital currency a handy tool for “charlatans,” Buffet said.

The billionaire investor claimed that cryptocurrency community is in for a “bad ending” after the “euphoria wears off.”

Berkshire Hathaway’s Vice Chairman Charlie Munger echoed Buffet’s criticism of cryptocurrency investment, albeit in much harsher terms:

“Someone else is trading turds and you decide I can’t be left out.”

Earlier in February, Munger called bitcoin “totally asinine” and argued that people get involved in crypto ”because everybody wants easy money.”

87-year-old Buffet is known for his scepticism towards cryptocurrencies. The billionaire investor has made repeated statements claiming that bitcoin is neither a currency, nor a way of investing. In October 2017, Buffet claimed that bitcoin had entered the “bubble territory,” and is “going to implode.”

Some institutional players, on the other hand, are much more enthusiastic about bitcoin. For example, the banking giant Goldman Sachs has launched a bitcoin trading operation earlier this week, commenting that bitcoin “is not a fraud.”

Published at Sat, 05 May 2018 22:20:18 +0000

bitcoin

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Bitcoin Price Watch; Hedging The Dips

So that’s another day of trading complete in our bitcoin price trading efforts and there’s really only one word for what’s happened in the bitcoin price (and, indeed, across pretty much the entire crypto spectrum) – bloodbath. We’d love to be saying that we’re heading into the festive period on a high and, in turn, that there’s plenty to be excited about moving forward into the new year. One of these things is true. The latter one. The first, not so much.

Anyway, there will be plenty of people complaining today so let’s not add to the list – instead, lets’ try to take advantage of the action we are seeing with some nimble intraday trades.

So, then, as ever, before we get started, take a quick look at the chart below to get an idea where things stand. It’s a one-minute candlestick chart and it’s got our primary range overlaid in green.

As the chart shows, then, the range we are going to be using for the session today comes in as defined by support to the downside at 12422 and resistance to the upside at 12670.

We are going to stick with our standard breakout strategy (that is, in and out on breaks and subsequent closes above and below key levels) so our two target trades for this evening are as follows:

We’ll be in long towards an immediate upside target of 12800 if we see price close above resistance. A stop on the trade somewhere in the region of 12630 will ensure we get taken out of the position in the event of a bias reversal.

We will try and get in short on a close below support, targeting 12350 to the downside and placing a stop at 12440 to keep things tight from a risk management perspective.

See you on the other side.

Charts courtesy of Trading View

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