BTC has a pennant going on, not sure which way it breaks. Probably the same direction as the market next week, and my indicators do not show a direction.
I think the play here is to short if it backtests the previous support. Could just tank though, lol.
Still think it eventually goes to zero, Ponzi schemes usually implode during a recession.
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The funny thing about this is that the perpetuators of the Ponzi scheme actually borrowed money to keep the charade going. Unfortunately, they were borrowing customer money, lol.
FTX scam explains why this garbage was able to hold 20k for so long, these exchanges are "borrowing" customer money and buying more crypto, lol. Probably the same crap happens here at 16k, then when it breaks it's headed below 13k.
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BTW, $288 million dollars worth of ETH was stolen from FTX, whoever controls that can easily manipulate ETH prices. The easiest way to wash that money is to short ETH with a legal account and dump the stolen ETH into BTC or some other crypto. then they can flip flop and short BTC then convert back to ETH.
That kind of money, it's easy to manipulate the market, especially altcoins. I don't recommend buying crypto until the stolen ETH is recovered. You'd have to be insane to buy right now.
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While altcoins are easier to manipulate, I think ETH and BTC are probably going to get targeted because it's easier to short through futures.
If I had $288 million dollars worth of illegal ETH, that's what I would do. Just keep flip flopping between the two while shorting whichever one I intend to sell. Easy money.
Annndddd Genesis is ded "warns BK"... more HODLers pain incoming.
hungry_hippo
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@mc_speculator, well they've already froze withdrawals and now looking for 1B. LOL. As if anyone is gonna dump 1B into a money losing exchange with huge liabilities right now.
mc_speculator
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@hungry_hippo, haha and now they've changed it to 500m... nah, we're good with 500m, nothing to see here
@mc_speculator, That's what I've been saying, this bear market isn't over until these money losing companies go bankrupt. W and PTON are way worse off than COIN.
mc_speculator
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rumors GBTC / Grayscale is in some trouble...
hungry_hippo
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@mc_speculator, they're all in trouble, lol. Just a matter of time.
Someone has $288 million worth of stolen crypto that they can manipulate the market with. You'd have to be pretty stupid to buy right now.
mc_speculator
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@hungry_hippo, yep, ive been following that. coinbase came out with a statement today too re grayscale and confirms the 640k BTC, just wait until they start selling lol lol... you know ive been bearish AF on BTC for some time. this has been a great laugh. I pulled all my cash out of coin two weeks ago. i will load up on UNI when this is all done
mc_speculator
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and btc... sub 10k looking more and more inevitable but we should get snapped up down there and the weekly should look very similar in accumulation on weekly 18/19 after all the tax selling eoy... rinse repeat. btc / crypto has been pretty easy to trade depending on your tf. floor looks like 6500 massive floor support. if it wick there won't be surprised but i think it's more like 8500ish... .quickly moves into accumulation around 10k again over several weeks then rocket bear market rally again... it's the same damn move playing out just worse wiht all these crazy leveraged blowups.
hungry_hippo
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@mc_speculator, when I shot my first deer, it was on the ground so I poked it and it was still alive. Being a newbie, I asked my buddy if I should finish him off and he says "it's dead, it just doesn't know it yet". It's an appropriate quote for crypto, lol.