After ten months of steady declines, the market will need something more to put aside the doubts. The falls can be very short-lived, and it is likely that we will see strong rises again from the beginning of the American session.
I warned last week about the rises of these days, but I made it clear that certain levels must be reached to determine a change of trend in the medium term.
My benchmark indicator, the ETH/BTC has done well in the past three days, and the Directional Movement Index gives a small advantage to bulls over bears. Yesterday this cross reached the main mid-term bearish trend line. The next few hours will be decisive for the development of the entire Crypto board in the coming months.
Today, the fierce criticism of Bitcoin comes from the CFA (Certified Financial Advisors). According to this respectable institution, Bitcoin lacks the necessary properties to be considered an asset and adds that as a currency of mass adoption, it also does not minimally comply with the requirements. Finally, they label it as a "Ponzi Scheme."
They argue that the value of Bitcoin is only sustained by new contributions, as it lacks recurring income that can justify any valuation. I agree with these statements, although I believe that following these arguments, other assets should qualify as "Ponzi Schemes". A good number of listed companies in the technology sector enjoy high valuations without making profits. All the assets need new inflows to see their prices increase.