Could Bitcoin: USD/BTC (BTC=X) mend a system where President Trump is being extra generous toward banks through tax cuts?

Could Bitcoin: USD/BTC (BTC=X) mend a system where President Trump is being extra generous toward banks through tax cuts?

Could Bitcoin: USD/BTC (BTC=X) mend a system where President Trump is being extra generous toward banks through tax cuts?

US bankers have been laughing all the way to the bank last year, quite literally. In the best year for any bank in the history of the USA, JP Morgan announced $36.4 billion in profits during the past 12 months.

That is roughly twice the total market capitalization of Ethereum.

The bank is now making twice as much as it did before the banking crisis ten years ago and national debts are still escalating.

According to Bloomberg, the top six banks combined made an astounding $120 billion in profits last year. That is almost as much as bitcoin’s entire market cap and 20 times more than that of Bitcoin Cash.

Bitcoinist reported on the wealth gap yesterday stating that the 2,153 wealthiest billionaires, many of whom are bankers, have more wealth than 4.6 billion people combined.

And Banks Give Us What Exactly?

All of this raises a very pertinent question that what exactly do banks give back to the people?

Of course, there is a $30 charge for going one penny into overdraft, $10 for a stock transaction, next to negative interest for savings accounts and 20% interest rates for credit cards.

Add to that the massive fees on foreign exchange services, and an estimated $400,000 paid back in total over the lifetime of a mortgage for $200,000 borrowed and it is clear who the thieves are in this situation.

With the global national debt exceeding $250 trillion these profiteering banks are adding to it by printing more money to justify their existence. The US and China alone have accounted for 60% of the increase in global debt in recent years led by a surge in borrowing.

No matter what politicians say, this is totally unsustainable and the increasing wealth gap will eventually lead to a global economic meltdown and revolution.

Bitcoin Solves This

A huge paradigm shift is needed and this will spur ‘the great wealth transfer’ in which millennials will inherit the wealth from the richest generation in history, the boomers.

An estimated $68 trillion will be passed down from boomers over the next 30 years and millennials are already distrustful of banks following the fallout of the 2008 financial crisis.

This means that there will be massive investment in crypto and bitcoin. DeFi is also likely to play a much larger role in the new financial world as it does not entail billionaire bankers enriching themselves off people’s monetary misery.

Technical Indicators

Overall, the bias in prices is: Upwards.

Note: this chart shows extraordinary price action to the upside.

By the way, prices are vulnerable to a correction towards 8,150.26.

The projected upper bound is: 9,273.82.

The projected lower bound is: 8,173.53.

The projected closing price is: 8,723.67.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 30 white candles and 20 black candles for a net of 10 white candles.

A long lower shadow occurred. This is typically a bullish signal (particularly when it occurs near a low price level, at a support level, or when the security is oversold).

A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.

Momentum Indicators

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 39.7941. This is not an overbought or oversold reading. The last signal was a sell 3 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 65.62. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 3 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 45. This is not a topping or bottoming area. The last signal was a sell 3 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 34 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed down -18.190 at 8,695.750. Volume was 71% below average (consolidating) and Bollinger Bands were 33% wider than normal.

Open     High      Low     Close     Volume___
8,713.9308,745.5008,559.4108,695.750 25,663
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period     50-period     200-period
Close: 8,695.24 7,622.96 8,993.25
Volatility: 46 47 62
Volume: 105,855 95,532 86,726

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary

FOREX BTC= is currently 3.3% below its 200-period moving average and is in an upward trend. Volatility is low as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume into BTC= (mildly bullish). Our trend forecasting oscillators are currently bullish on BTC= and have had this outlook for the last 17 periods.

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