Quote from: marcus_of_augustus on March 28, 2017, 12:51:26 AM

Not looking good I'm sad to say.

There is somewhat of a head and shoulders on the USD Index, which is one reason metals are beginning to surge now. The dollar looks like it will dump lower and send gold and silver higher. Ironically, instead of the value of bitcoin decreasing as the USD index skyrocketed over the last couple years, the value of bitcoin has actually tracked the value of the dollar and gone up - mostly because bitcoin's main function is for Chinese white collar criminals to arb money out of the yuan and into US dollars.

It will be interesting to see what happens in the market if the dollar begins to decline and Chinese no longer want to arb to US dollars. It's unknown how that will all play out since every country on earth right now seems to be in a race to the bottom to see who can devalue their currency to zero the fastest to get rid of excess debt, and if everyone devalues at once, nothing actually happens. They would all need to devalue vs gold and silver at once in order to devalue in unison.

The real story is that people think bitcoin actually trades on it's own merits when it doesn't. It's always some type of derivative of something else because it's not the unit of account of anything, nor the base of Exter's pyramid.