10Nov1:10 pmEST

Elements of Noir to the Bitcoin Trade

Although I am sure many would choose "horror," "action," or perhaps "comedy," my choice for choosing Bitcoin's genre would probably be film noir, complete with dark shadows and shady characters. 

Using GBTC as a rough proxy, below on the daily chart, if you replace GBTC with a ticker like MU, or some other high-flying tech firm, you can plainly see a strong uptrend yet to crack, despite the swings.

Psychologically, it is tough to declare Bitcoin to be a "bubble" or euphoria when such a small percentage of the population capable of owning Bitcoin is actually owning (or speculating in) it.  

There are quite a few theories as to whether Bitcoin will replace gold as a check on central bankers gone wild, and whether Bitcoin has already adversely affected precious metals. Longer-term, gold still has plenty of intrinsic value (just witness its significance in the cultures in Asia and India, for example) while Bitcoin remains a massive confidence game on some level and, in effect, akin to a chain letter. 

But that need not slow down or end its momentum, with a strong uptrend still clearly intact. 

As for equities, I still see a good deal of quality long setups. However, market pressures seem to be keeping a lid on them as we wind down the week, with the jury still out on the small cap's status as they continue their attempt to stabilize. 

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