On the weekly chart, which I rarely use, the FIB retracement is alarming.
The 62% level was bombed right through.
the 50% retracement beckons at the $2,951.00 level.
Ultimately with this swift of a withdrawal I see this going to the next level of $2,472.00
I sold my Bitcoin at $4,719.00 and was able to cash out.
If the selling continues, what exchanges are safe? What exchanges are adequately capitalized with US dollars or Euros to meet redemption's?
If an exchange is only capitalized with the Cryptos, how can they meet liquidations if customers ask to cash out?
Clearly I have NO inside knowledge and am only ASKING the questions?
If I had my money, I mean US dollars or Euros invested now I would be concerned.
When you trade on the COMEX, CME, CBOT etc their are regulations in place for liquidity. Over 30 years I have seen these bail out customers in case of failures
of FCM's or IB's etc. Only in the case of MAN Financial MF GLOBAL did I see haircuts. That was very difficult and I was caught for a percentage of my funds.
Today what crypto exchange is regulated by anybody or anything?
I don't know. But I would be concerned.
stay long the metals. for flows from cryptos If they happen.
The 62% level was bombed right through.
the 50% retracement beckons at the $2,951.00 level.
Ultimately with this swift of a withdrawal I see this going to the next level of $2,472.00
I sold my Bitcoin at $4,719.00 and was able to cash out.
If the selling continues, what exchanges are safe? What exchanges are adequately capitalized with US dollars or Euros to meet redemption's?
If an exchange is only capitalized with the Cryptos, how can they meet liquidations if customers ask to cash out?
Clearly I have NO inside knowledge and am only ASKING the questions?
If I had my money, I mean US dollars or Euros invested now I would be concerned.
When you trade on the COMEX, CME, CBOT etc their are regulations in place for liquidity. Over 30 years I have seen these bail out customers in case of failures
of FCM's or IB's etc. Only in the case of MAN Financial MF GLOBAL did I see haircuts. That was very difficult and I was caught for a percentage of my funds.
Today what crypto exchange is regulated by anybody or anything?
I don't know. But I would be concerned.
stay long the metals. for flows from cryptos If they happen.
