Ponzi Collapses. Sell off Begins.
Daily Plan 6.3.26
One the twists and turns in the crypto that I expected to see but not so fast was the unraveling of Michael Saylor’s “Never Sell” Spiel with the crypto promoter selling about 3 million dollars in Bitcoin which was enough to ignite a chain reaction causing tens of thousands of crypto traders to be liquidated almost overnight.
Billions and billions in money evaporated and many will not ever look back at crypto again.
Our own crypto play like HYPE makes new highs almost daily. Given at 25.
However, in these type of cases, not all is what meets the eyes and there are plots and twists which most on the retail side are simply unaware of.
I think this was a preplanned move designed to cause selling in bitcoin. In my view, this is a liquidity swap to position traders to buy into the SPCX 0.00%↑ IPO next week.
Now, for what it is worth, consider that IPO will subscribe at 2.5 trillion dollars, and Bitcoin market cap now is not even half that at time of this post.
Subjectively speaking, neither SpaceX nor Bitcoin have any fundamentals per se— the price paid by buyers is based entirely on perception of value.
Do I really think Bitcoin and Spacex are even in the same league in terms of value?
Far from it. And this is coming from someone who does not ascribe much value to Bitcoin to start with.
Now, these guys are well connected and networked, I would not be surprised if you can trace the Bitcoin sell off to the impending SpaceX IPO. Having said this, I think if Bitcoin dips into 58-60K ahead of the IPO, I see it as an attractive swing trade for push into 80.
On the general market side, while I remain long term bull even here at 7630 or so, I personally would not be surprised if there is sell off prior to the IPO. Again, these guys prefer market to sell off and some sort of Presidential announcement to come in right at the IPO to help lift the listing even higher.
This is why I think it makes sense to fade this rip into 7630-7640 for a sell off into 7500.
Like it or not, here we are in this market cycle where nothing really matters except these little games and stratagem to pump stocks which help individual names. This is very much a stock pickers’ market with more than half of the NYSE listed stocks below their 100 moving averages.
Meanwhile, look at this below. These calls are 35 dollars now folks. 35. These were not 5 bucks a few days ago! Many are calling these moves random. There is nothing random about this. Our folks had this 37 days ago. 37 days in foresight, not hindsight.
For the session tomorrow, 7630-7640 may come in as resistance.
7580 is minor support, I think break of which can lead us down into 7500 some point this week or next.
Folks, on an admin side note, I have decided to execute another price hike soon but any one who is a member right now does not get impacted, their pricing is locked until we publish. We have to do this due to the depth and breadth and sheer number of winners.
~ tic
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