Well, well, well….the markets are back & everyone is turning bullish!!
He’s boolish, she’s bullish, you're bullish, Novogratz is bullish!?
Am I bullish….?
Cautiously bullish, because I think we are on the edge of the LAST hoorah of this cycle.
Dang Chico, why you so cautious!?
Find out in around 10 minutes because it’s time for Chico Crypto!
So pulling out the BTC price chart over the past 2 days….it does look dang boolish!!
A daily low close of below $32k June 8th, to peaking above $38k as of yesterday.
Just a 21 percent increase over 2 days!!
But, you expand out that chart, not over 2 days but 2 months & oh how the tables turn!
This chart looks bearish as funk!
As some people are calling the push up towards 40k over the past month a bearish triple top
pattern, which means if we get rejected at 40k again soon….not the best news!!
Although many were calling the triple top pattern earlier.
Including the initial small dip below 40k, and then push up the first top!
Which would make this a quadruple top now?
As you can see, this earlier triple top “pattern” was causing technical traders to be bearish!!!
“Looks like BTC is forming the shampoo pattern and right now is in the process of breaking
down.
Imma call it triple tops rather than the shampoo pattern.”
Another trader “Bitcoin Update: Let’s play a game.
Find all the bearish patterns.
- lost support - head & shoulder or triple top - ascending
wedge.
Damn San!
Remember how I was saying this was a BEAR trap!?
Some Bears got locked up & they won’t let them out!
Because this pattern may be a triple bottom and not a top!!
Ughhh oh da Bears!
You scurred yet!
3 clear bottoms….and after that, according to my TA, Tyler Analysis...it means UP!
A bullish divergence into the LAST Hoorah of this cryptocurrency cycle…
The last hoorah!?
What do you mean Chico….well the anatomy of a bubble shows that after the bear trap,
we lead right into the mania phase.
The markets GO WILD!!!
So the BIG question is this if we do keep pushing up….what will be the top for this
cycle!?
Well the popular analyst Willy Woo has been putting his prediction for the top between
200k to 300k at the end of this year...since December of last year & he recently reiterated
that point in April of this year.
300k by
December is a tad bit crazy Bullish to me.
Why?
Well from the last cycles top to top, end of 2013 to end of 2017, for the sake of math,
we will call it $1000 to $20000.
That is a 20x….
The cycle before that?
2011 to 2013?
For the sake of math we will say from 10 dollars to 1000 dollars.
A 100x
From a 100x to a 20x...that is an 80 percent decrease in multipliers through cycles!
So if we say from the end of 2017’s $20,000 to December 2021 we hit $300,000 would be
a 15x!!
From a 20x to a 15x from this cycle to cycle would only be a 25 percent decrease.
IDK about that….
I’m sticking to the Chico GUNS!
The top for this cycle will be between $100k to $200k by December 2021….that is and has
been my prediction for a LONG time!
But if I had to give you a number & day…..how about right in between, $150k by December
15th 2020!
But what happens after the mania phase & peak?
Another BRUTAL bear market & this one is going to be even more brutal than those in the past….
Why!?
2 Words...Tether & Binance…
If you didn’t know, Tether is making waves...which you probably didn’t...because no one else
is talking about it.
Although, the Financial Times did put out an article on it titled “Tether’s commercial
paper disclosure places it among global giants” and the article states: Disclosures from cryptocurrency
provider Tether suggest it has become one of the world’s largest investors in the
US commercial paper market, rubbing shoulders with the likes of fund managers Vanguard and
BlackRock and dwarfing the investments of tech giants like Google and Apple, according
to estimates from JPMorgan”
Yes, the Tether company which is registered in Hong Kong, yet no one kind their physical
building.
That supposedly only has 11 employees, is supposedly managing 30 billion dollars plus
commercial paper exposure...which takes others, like Vanguard and Blackrock hundreds upon
thousands of employees.
Chico calls obvious BULLcrap.
And that isn’t just it….Bennet Tomlin, researcher and critic of tether put out a
blog article to explain just how BIG Tether is!
He said: “I have been following Tether for about three and a half years and still I struggle
to really grasp how large it is.
So let’s start with the basics.
Currently on June 10th 2021 Tether has just about $63 billion Tethers.
There are also a negligible 40 million Euro Tethers and a negligible 20 million offshore
Yuan Tether.
There is a somewhat more meaningful 85,417 ounces of gold for Tether gold.
All three of the other forms of Tether are largely meaningless compared to dollar tethers.
Tether currently has approximately $2 billion less than Madoff’s fraud at its peak.
Based on their average printing so far in 2021 they should cross over in 8 days.”
Yes they are about to cross the Madoff peak!...and Madoff’s was the biggest Pyramid Ponzi scheme
in the history of the US!!
A scam to dupe investors….is Tether falling in Madoff steps!?
Are they just one BIG ole hustle in bustle who are taking advantage of a money printer
to the fullest!?
Well if they are...like some say, who is the number one culprit facilitating much of the
trading of these tokens?
USDT???
The tether rich list, shows one wallet, from Binance holding nearly 17 billion USDT!
And many of those unnamed wallets with 1 billion plus, are also Binances.
They are the number one facilitator of the tokens…
And, I believe Tether isn’t the one to go down first.
It’s the facilitator as they are already under investigation!
March 12th, it was announced the CFTC was probing Binance over US customers being able
to trade derivatives on their exchange….absolutely ridiculous derivatives too, like 125x leverage….
Going to recent stats on Coingecko, we can see Futures volume for Binance is crazy HIGH
nearly 70 billion, but 31 billion of that is coming from BTCUSDT futures, aka 44 percent
is from 1 Tether pair alone, if you add up the other Tether pairs from the other Altcoins,
Ethereum, XRP, and more...Tether pairs are making up nearly 70 percent of Binance Volume...it’s
a Tether derivatives exchange through & through….
The CFTC probe of the NANCE will eventually show US traders were allowed to trade there,
everyone in the industry knows that went down.
It wasn’t a secret….so when will the initial HIT for binance come!?
Well luckily we have an example to go by...BITMEX!!
July of 2019, the old #1 futures exchange was probed too, announced across the media
airwaves!
It was over 1 year later, October of 2020 when the official charges were announced!
1 year and 3 months to take down BitMEX.
I would think since the CTFC knows what they are looking for now, the Binance Investigation
will wrap up quicker...March 2021 the probe announced, I predict it will take them only
8-9 months to announce charges against Binance and close up the probe.
That puts it around December of this year & that will POP the bubble of this last hoorah!
The writing on the wall that is coming is leaking too.
2 days ago it was announced one of Binance’s biggest and trusted banking partners Silvergate
was dropping out.
Now, what in the heck is a US Bank, based in La Jolla California, doing with Binance!?
US Customers aren’t supposed to be trading there….of course Silvergate is dropping
as the heat from regulators heats UP!
And then….right as Silvergate news drops.
More bad news for the Nance….Their Chief Finance Officer(CFO) has abruptly left the
company!!
And no one knows his whereabouts, so they can ask him questions about the departure….
Something stinks….and it’s going to come to a HEAD at the end of the year.
Cheers I’ll see you next time!