One of the great ironies of my charting recently has been my most sensational calls have been about something I’ve never traded in my life: cryptocurrencies. Maybe the objectivity of non-involvement helps.
In any case, back in March, I made a bullish call on crypto, and they went up about 200% in the course of a couple of months. I’d like to suggest now, based on Fibonacci Retracement, that we’ve peaked. This is influenced, I confess, by my belief that cryptos have a very “niche” market in the future, and people seem to be under the delusion that buying cryptocurrencies is akin to investing in crypto-related corporate stock, which it isn’t.
(Click on image to enlarge)
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