Bitcoin Hype, Into & Through the Top

Bitcoin corrects as hype grows loudest

Rarely have I seen such profound and pervasive hype. Gold pumpers have absolutely nothing on Crypto pumpers. Why are they so aggressive with Bitcoin? I’d have to guess that the crusty old usual pumper suspects got the memo early on that they’d better get on and hump this bandwagon for all it’s worth because the young people interested in it are tech savvy and fully committed. A whole new market has been created. ‘Why not capitalize?’ think the old hags of the newsletter industry.

Below are the daily and weekly charts we use in the NFTRH Currencies segment each week. We noted the negative RSI divergence and nasty looking MACD in March and last Sunday we updated the situation. The situation is worsening.

BTCUSD dropped below the SMA 50, turned that area to resistance, made a few failed attempts to climb back above it and now here it goes, on its way to 40,000 as anticipated. Or so it seems, technically speaking. The SMA 200 is rising toward that area. From last Sunday…

A one shot deal or something more? I don’t care about the answer because I will only consider anything BTC related if it drops to or below [40,000]. Otherwise, it’s the rampant speculation I think it’s been since December.

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The weekly chart has lost the EMA 20, which was the shred of hope this play had that maybe a complete breakdown may not happen. It’s happening. Look at that disgusting MACD following the RSI negative divergence.

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And of course the pumpers were at it into and all through the top. You know who they are. You don’t need officer Gary on the job exposing them.

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