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Warren Buffett compares Bitcoin with a button on his jacket

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  • The investor from Omaha remains Bitcoin critic.
  • He says Bitcoin is a gambling device.

Warren Buffett remains a vocal Bitcoin critic. The famous investor also known as a “sage from Omaha”, compared the cryptocurrency with a gambling device that gave birth to a lot of frauds.

“It’s a gambling device… there’s been a lot of frauds connected with it. There’s been disappearances, so there’s a lot lost on it. Bitcoin hasn’t produced anything,” he commented in the interview with CNBC.

He also confirmed that he did not consider Bitcoin as an investment option as it carried no value. Meanwhile, according to the recent research conducted by Greenwich Associates on behalf of Fidelity investments, nearly half of the surveyed investors, including hedge funds, pension funds and asset managers consider the benefits of investing in digital assets.

Buffett was very illustrative in his comments. Namely, he compared tokens with a button on his jacket.

“I’ll tear off a button here. What I’ll have here is a little token…I’ll offer it to you for $1000, and I’ll see if I can get the price up to $2000 by the end of the day… But the button has one use and it’s a very limited use,” he said.

Previously, Buffett compared called bitcoin “rat poison squared”. Despite critical comments towards digital currencies, he acknowledged the benefits of the blockchain technology, though added that it did not need bitcoin.

At the time of writing, Bitcoin is changing hands at $5,700, mostly unchanged since this time on Sunday and 9% higher in recent seven days.

 

Source:.fxstree

Bitcoin

Bitcoin Price Dumps Can Be Identified by One Simple Method, Notes Analyst

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The Bitcoin price often creates repetitive patterns that can be identified to predict future price movements. One such pattern is created by a long bearish upper wick and a moving average (MA) rejection.

The Bitcoin price has been known to be very volatile. Therefore, when trading, it is important to use several methods to reduce your risk — such as using stop losses, low leverage if you are margin trading, and proper trade sizing.

However, especially in the case of stop losses, significant fluctuations in the form of wicks can often trigger them. In this case, the price moves very quickly in one or the other direction before swiftly reversing. This effectively stops out traders from their current position.

However, wicks create several important patterns, which when used along with indicators can help in predicting future prices.

Cryptocurrency analyst and trader @cryptopeppa suggested that a pattern of upward wicks an a rejection once they reached the 100-hour exponential MA suggests that the Bitcoin price will decrease.

Let’s see if we can find more of these patterns and if they can be successfully used to predict the Bitcoin price.

Bitcoin’s Wick Movements

In the pattern, the Bitcoin price first initiates a downward move. After some consolidation, it begins an upward move — which is ultimately unsuccessful and leads to the creation of a long upper wick. The wick stops once it reaches the 200-hour moving average (MA) and an important Fib level. In the case below, it was the 0.5 Fib level.

Additionally, after the wick, the Bitcoin price made two more attempts at breaking out above the MA. However, both were unsuccessful. It is imperative that the price reaches a close above the MA for the reversal to be initiated.

Bitcoin Second Example

Another similar pattern transpired on November 17. After a decrease, the Bitcoin price made an attempt to retrace upwards. The first attempt ended once the price reached the 100-hour MA and the 0.618 Fib level, similar to the previous move.

However, the Bitcoin price made another attempt, which retraced fully to the pre-breakdown prices. However, the movement also ended with the creation of a long upper wick.

Bitcoin Second Example

Full Retracement

Another full retracement occurred in September.

This time, after a decrease, the Bitcoin price made a double top at the 0.618 level. This was below the 100-hour MA.

Afterward, it made an attempt at moving above the MA, which ended in a similar wick. This decrease was more easily identified since it was combined with a bearish divergence in the RSI.

Bitcoin Third Example

Conclusion

To conclude, wick rejections at a significant MA do not necessarily mean that the Bitcoin price will dump. Previous market structure plays a big role in determining if they will.

A rapid price decrease followed by an attempt at a reversal, in which a wick is created a significant Fib level and MA, very often leads to a dump. The potential for further decreases is strengthened by the presence of a bearish divergence in the RSI.

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BTC/USD Technical Analysis: Nice bounce off the intraday resistance point

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  • In another heavy day for BTC/USD technical analysis still plays out.
  • Bitcoin is now down 3.88% in the session after 7K was retaken to the upside.

BTC/USD 10-Minute Chart

On a day like this, it is hard to analyse Bitcoin on an intraday perspective but the support and resistance levels seem to be holding.

For the second day in a row, BTC/USD suffered from heavy losses and dropped another 3.88% adding to Thursday’s 5.77% fall.

7,501.46 was a support zone early in the EU session and as price moved higher toward the level the bears came back in and shorted Bitcoin.

Now bulls will be watching the consolidation high of 7,215.49 to see if the same thing happens to support upside trade.

On the daily charts, the trend is still heavily bearish but some Bitcoin analysts have noted there is often a downside flush out before a move higher.

This pattern was noted on both the 28th July and 23rd October this year.

Bitcoin Analysis

Additional Levels

BTC/USD

OVERVIEW
Today last price7319.3
Today Daily Change-296.49
Today Daily Change %-3.89
Today daily open7615.79
TRENDS
Daily SMA208764.61
Daily SMA508502.58
Daily SMA1009270.55
Daily SMA2009320.52
LEVELS
Previous Daily High8114.54
Previous Daily Low7393.27
Previous Weekly High9137.8
Previous Weekly Low8369.16
Previous Monthly High10484.7
Previous Monthly Low7300.54
Daily Fibonacci 38.2%7668.79
Daily Fibonacci 61.8%7839.01
Daily Pivot Point S17301.19
Daily Pivot Point S26986.6
Daily Pivot Point S36579.92
Daily Pivot Point R18022.46
Daily Pivot Point R28429.14
Daily Pivot Point R38743.73

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Bitcoin (BTC) $10K Coming With $100K on the Horizon, Says Cardano and Ethereum Creator Charles Hoskinson

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Charles Hoskinson, the creator of Cardano and co-creator of Ethereum, says he’s waiting for Bitcoin FUD to die down after the world’s leading cryptocurrency dropped over $1,000 in two days, plunging from $8,193 to a low of $6,955, according to data compiled by CoinMarketCap.

Says Hoskinson via Twitter,

We will see 10k btc again and welcome 100k. Crypto is unstoppable. Crypto is the future.”

Appearing in a live stream from Dubai, Hoskinson confirms that developments for Cardano, a public blockchain that uses Ada cryptocurrency to send and receive digital funds, as well as the project’s cryptocurrency wallet Daedalus, are on track.

“We’re really happy about Daedalus. We’re really happy about the code quality. We’re happy about how quickly we’ve been able to move this month and how much we’ve learned from moving this fast this month.

We’re really in a good stride and so next year is going to see a lot releases. It’s going to be easy for us to get these releases out and we’ll just continue getting more feature rich. We’re also looking to some state-of-art technology that wasn’t necessarily in our roadmap.”

“Cardano is kind of a financial operating system for those who don’t have one.”

Hoskinson says the platform will offer an end-to-end solution that can be in full compliance with local regulations.

Building infrastructure to complete a major paradigm shift in the world of global payments, financial platforms and monetary systems takes time. Before mass adoption, computer scientists are tasked with years of research, coding and testing.

With several research threads in the Cardano ecosystem already coming to an end, Hoskinson says he’s looking ahead toward implementation in 2020.

“Other things are on the list like Ethereum interoperability. It’s really not hard to do. That’s going to be a big discussion in the December summit that we do.”

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