Crypto - Bitcoin - The Big Short

9 Jun 2021

Idea for Bitcoin:
- CPI will print a drop-off tomorrow. Inflation bulls will be decimated. Gold, Stocks, Commodities, Crypto.
- G7 this weekend will bring a relentless wave of FUD and global bans.
- Price broke down from the wedge on the bear flag and re-tested the wedge bottom.
- Classic washout of retail shorts before the flush.
- Saylor's liquidation will create extraordinary selling volume on price.

This is it.

We are nearing the end of this full Wyckoff Distribution structure:

GLHF
- DPT

9 Jun 2021

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Short positions... This is not retail. Something's got to give:

12 Jun 2021

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BVOL24H suggest explosive move imminent:

19 Jun 2021

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With all the liquidity provided by shorts, bulls attempted to squeeze and moonshot it, but failed. Now shorts are covering with price declining. Bulls lost their chance, and proved too weak to push it through the resistance:

19 Jun 2021

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Bitcoin loses 30% hashrate over last 30 days:
blockchain.com/charts/hash-rate

Seems that China is shutting down crypto miners.

21 Jun 2021

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logistics firm in Guangzhou confirms to CNBC - it’s airlifting 3,000kg (6,600lbs) bitcoin mining machines to Maryland, USA. Fenghua International advertises products delivered to door, tax on both ends cleared. Price per kilo: as low as $9.37.

China dumping not only cryptocurrencies but derivatives and hardware onto American retail...

MSTR's Saylor purchases bitcoin with junk bond offering and loans. Crypto itself is leveraged and Tether is backed on almost nothing.

How is it different from subprime mortgages, or even worse?

21 Jun 2021

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"The sucker has always tried to get something for nothing" - Thomas F Woodlock

22 Jun 2021

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Price makes a possible new ML Channel, making a 20k bottom more likely:

27 Jun 2021

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Something to note:

The dump could be invalidated and it could be the start of a rally, but always watch for this washout before the flush. Countertrend moves usually precede a big move to shakeout retail.

Especially since this move is spot buying (vs. options hedging) meaning sellers might want to bid up a nice book to sell into, trapping as much retail longs as possible. Watch for blow-off top and big dump tonight if I am right: