Hey guys,

BOOM! Here we go, huh!

Crypto markets are ripping faces off and I’m loving it.

But when it comes to crypto, I’m still not sure what the mainstream financial media’s go is. Crypto is honestly exactly the same as regular legacy markets, or whatever you want to call them. But in terms of speaking about them in even a slightly intelligent way, they think they’re speaking about aliens or something.

Take a look at this extract from a Bloomberg article today. I mean it’s Bloomberg, we’re not talking about a tin pot news agency here. How can you write something so plain stupid, let alone ignorant?

“Bitcoin’s Strange Spike - What’s up with Bitcoin? The digital token suddenly surged as much as 12 percent Tuesday.”

Like seriously, strange spike?

Is it that strange Bloomberg? Totally unexplainable?

You make up fundamental reasons to explain moves across currencies and commodities, what’s the difference here?

Not to mention that it’s an absolutely TEXTBOOK technical move that has been unfolding for the past week or so. Look at the higher time frame support level hold and then the short term retest giving confirmation before liftoff:

BTC/USD Daily

It’s like how in high school, it’s cool to not understand things that take that little bit of effort to understand.

I’m sure you’ve come across it in your circle of friends or worldplace. People will bag cryptocurrency, then in the next sentence will tell you they aren’t in bitcoin because they don’t understand what it is or how it works.

Ummmm okay?

This is exactly the same as that. Except this is from the most highly respected financial news agency on the planet.

Ridiculous.

Now just to wrap up today’s mkve, I wanted to highlight this past piece of price action on the chart below:

BTC/USD Daily

This was the last time we thought a bottom was in. Higher time frame support had held and price made a higher low on a short term retest that gave us a nice short term trade.

But with the market’s inability to then make a higher high, the overriding bearish trend resumed and we were smashed down to new lows.

Now take a look at where we aren’t today. We’ve got the higher time frame support zone holding, we’ve made the higher low and traded the retest. But we haven’t got a higher high or done any sort of technical damage to the bearish trend.

Well it looks like things are pretty explainable if you take two seconds to do so. But hey, this is just Steemit, not Bloomberg!

Have a great Wednesday guys.

✌🏻.

Return from Bitcoin’s so Called “Strange Spike”, Actually Isn’t so Strange to forexbrokr's Web3 Blog