If Paul Krugman is calling for a total collapse, this is generally regarded as a strong buy signal. https://www.marketwatch.com/story/a...t-krugman-2018-07-31?siteid=yhoof2&yptr=yahoo A total collapse in bitcoin is a real possibility, says Nobel Prize–winning economist Krugman Bitcoin evangelists tout digital currencies as revolutionary, a technology that could reshape the global monetary system. Pioneered because of a lack of faith in traditional banking, cryptocurrencies will become the new global currency, gold for a millennial age, some devotees argue. However, the Nobel Prize–winning economist Paul Krugman says that this feverish enthusiasm is ill-informed and that a full-scale collapse of bitcoin BTCUSD, +1.60% is a real possibility, arguing that cryptocurrencies aren’t solving any problems in the current monetary system, which already boasts seamless and low-cost transactions.
I stopped reading such financial, market news, reports from financial experts years ago as it caused more harm than benefit. Bitcoin is not trending up. its support is quite strong. it appears more like ranging. Or perhaps you can say there is a descending triangle formation. Then question is is it suitable for day trading? I traded it few months ago. I don't like it as its day range was not that fantastic. volume was pathetic. There are many many other more tradable financial instruments to trade. Anyway do your own analysis. Short or Long it if you want.
I choose third option: sideway movement. Somewhy we all want to see direction in it's movement. But it's simply in depression
since the futures launched i just keep my cash parked in a ledger and trade it like mad up and down with a 70 period channel breakout system. shooting ducks in a barrel come to mind.