Monday, March 1, 2021

Tag: Bitcoin crash

HODL! The Crypto Sell-off Storm Will Pass… The Data Tells The REAL Story!

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by SGT, SGT Report.com:

I just read this cogent, insightful analysis from my friend Jean-Claude (it makes me feel well traveled just to say his name), and I wanted to share it with you.  It’s GOOD news for crypto HODL’ers, so here goes…

Loved the interview with Craig. Great job! He made a really good point regarding the futures market. Even if they could take the upper hand with the futures, “They just can’t roll them out fast enough to follow the massive buying interest that can quickly move to other coins”. It is not a feasible/sustainable strategy in my opinion. Time will tell if Clif is correct about them shooting themselves in the foot. 

Ok so take a look at this technical chart for bitcoin:

Bitcoin has completed this ABC re-tracement pattern MANY times before and there was no Futures involved at the time. I am not convinced the futures are having the effect they wanted – but i’m keeping a close eye on it. As with previous instances, the ABC retracement is a buying opportunity. Once, the C is completed, we will never see those prices again. Same was true at 5k, 3k, 1k, 800$ etc.  See chart below.

But the really big story in the above technical chart is the “Massive buy volume” candle at the bottom of the chart. As Craig would say, this is not the shoeshine boy and the taxi driver buying bitcoin. This is big money coming in buying hand over fist. This is happening while exchanges and local BTMs are deliberately bottlenecking the simpletons from getting in on the dips. Coinbase and many other exchanges have limit orders in place and will not let you buy your desired quantity. Local BTMs in Ottawa are charging 45% premiums tonight as i am writing this email!!!  See snap shot below.

So really, at 10k bitcoin, if you want to hold one in your wallet today it will still cost you 14 500$. That is the same thing that happens to silver when it flash crashes and the premiums skyrocket in the “real world” (not in the fake paper game world). You’ll remember it was impossible to buy physical silver at 12$….

Also, another thing to note is that Bitcoin, in just looking at the bitcoin/usd chart for the last 3 years, will show you that it has corrected every year between the 4th and 15th of January. This too, was happening when no futures markets were around. Follow this ling to see the charts. So again, i’m still keeping a close eye on the futures but I don’t think the have a major role to play in this current retracement. 

Knowing and understanding all this gives me the intestinal fortitude to not only HODL but to also “try” best they will let me to buy the dips and to lower my dollar cost average. 

Like Craig and you Sean, i also am a BIG fan of Silver and continue to hold physical as a hedge to my cryptos. 

Love you guys. Keep up the great work!

Jean-Claude

Bitcoin Crashes On Massive Volume As China Plans To Shut Local Exchanges

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from Zero Hedge:

Having bounced back dramatically from the 20{5f621241b214ad2ec6cd4f506191303eb2f57539ef282de243c880c2b328a528} plunge following China’s ban of ICOs, Bitcoin is getting battered again this morning on very heavy volume as Caixin reports Chinese authorities plan to shut local Bitcoin exchanges.

Via Google Translate

The supervisory authority has decided to close the exchange of virtual currency in China , which involves all the currencies and currencies of the currency , such as “currency line”, “coins” and “Bitcoin China.”

Journalists confirmed the news from the person who came close to the Internet Financial Risk Special Rectification Working Group (hereinafter referred to as the Leading Group) and learned that the resolution had been deployed to the local level.

This is following the September 4 People’s Bank of seven ministries and commissions joint announcement (hereinafter referred to as the announcement) after further supervision action. The announcement will mark ICO (Initial Coin Offering) as “illegal financial activities” and order the ICO to be banned on the date of publication of the announcement. All ICO tokens trading platforms need to be cleared to close the transaction.

Note, Caixin reports that the purpose of regulation is not limited to more than 60 ICO tokens trading platform, will not engage in a number of ICO virtual currency trading platform into the clean-up range, limited to close.

“In other words, the future in China can not have the so-called virtual currency and the currency between the trading platform.”

The close to the leading group, said: “In this way, there is no so-called tokens, virtual currency and RMB between the two Can not trade the problem. “

Of course, Chinese authorities are careful to point out how nefarious Bitcoin is…

Regulators believe that virtual currency investment activities for illegal fund-raising and other types of illegal financial activities provided a hotbed, easy to cause greater financial risk.

Because ordinary investors can not distinguish between the difference between Bitcoin and Leigh coins, but also can not identify the difference between the various pseudo-virtual currency. And a large number of “money” illegal fund-raising activities are from the bitter currency frenzy, including the special currency trading places frenzy. “The bitter market is hot all the crazy ‘currency’ market and one of the root causes of illegal activities chaos, ICO crazy also from Bitcoin crazy.

Bitco currency trading place chaos and bit currency hot , Triggering the use of Bitcoin to support illegal financial activities, including pyramid schemes, fraud and other issues.

All sounds very ominous, and the reaction is swift…

Read More @ ZeroHedge.com