Cartel Strike #3: Bitcoin Drops 10K to 6K
It started with another wrong prediction by Tom Lee
With the start of Consensus 2018 “Bitcoin could surge back above $15,000” Tom Lee predicted .
Instead We got a 35% correction
What happened, you ask? Cartel strike #3 happened.
Few clarifications before we get into “the Strike #3”
#1 — If you are new to the concept of the Cartel suppression (not manipulation) please read my first post here. It has been viewed 400K times so far.
#2 — Most of the Crypto community is in denial about the price suppression (they will remain so for years to come). Please be aware:
i. Department of Justice has opened investigation into Bitcoin illicit trading
ii. FED research paper that says — Launch of bitcoin futures (CME & COBE) dragged down prices.
iii. Jun-2018 NY Times wrote “Bitcoin’s Price Was Artificially Inflated in 2017”.
All this just confirms EVERYTHING I mentioned in my 1st Cartel post “Cartel heavily bought Bitcoin at the exchanges starting from 2K all the way unto 12K. They let the market fly until 20K…and then the dumps started”
WARNING: Financial elite holds a lot of ammunition and they have used hardly 5% of it so far. 95% is still intact and unused. If I am not wrong, we will be in this game for several more years. There will be many Rallies and Dips.
Let me repeat because these days we all have a memory span of a Goldfish, 3 seconds:
→ → → → There will be many Rallies and Dips!! ← ← ← ← Did you hear me?
You can stop reading here if you feel all this is FUD
Anything that conflicts the “moon-in-lambo” version is called a “FUD”. Crypto community consists mostly of millennial. They know the technology very well but very few know how the Financial System & the Geopolitics work. It’s a cruel world out there, folks.
Before the CME started, Leo Melamed (86 years old CME Chairman) said “We Will TAME Bitcoin”. Most of the bitcoin community laughed at him. He is Chairman of a group whose Notional Value is 1,380 Trillions - Note the word “trillions” people. His statement had a deep meaning to it. Most missed it completely.
One of my followers described it in a single tweet what I could not say in several posts — 10/10. If you feel this is imagination of a paranoid mind then STOP Reading here.
Strike #1 and #2
Are you still here? let’s revisit the first two strikes. This image explains Strike #1 and Strike #2 — Entire post is here
Strike #3
If you are ready, let’s get into the details of the Strike #3
They told me “Once we break 10K, we will never see 10K again”
After the recent bottom of $6,400 on Mar-31–2018 Bitcoin had been steadily rising. In the first week of May-2018 we had exciting news like Goldman Sachs to Open a Bitcoin Trading Operation (for me this is not an exciting news because Goldman will be selling and buying Bitcoin paper photo-copies.)
Anyways, with several exciting news 10K was in sight and twitter space was full lambo, moon and rocket pictures. This is generally a time where my sell orders get executed.
Tweeter was very sure over the last three weeks. Bitcoin masters and superstars claimed that, should the bitcoin break above $10,000 again, and this was all but a foregone conclusion in their view, it would be the last time investors would ever see 10K.
What actually happened at the “Magical” 10K?
…And then something happened along the way. The hot hand held by BTC enthusiasts was left cold: the price dropped to the low nine thousands. Then it broke below $9,000. It would finally settle very near $8,000 by the Bitcoin Consensus Conference 2018 weekend. and then we breached below $7,500 by May 23rd…and $6,100 on Jun 13th.
Where and how did it start?
It all started with the Bitcoin bashing by Mr. Buffet and Mr.Bill Gates at Magical 10K.
B&B Company pours a rat-poison on the Bitcoin and we got 10% Dip in 48 hours (May-05–2018)
- Saturday 9AM ET Bitcoin is at $9,990 and ready to Break 10K any moment
- Mr. Warren Buffet Calls Bitcoin ‘Rat Poison’, again.
- Bitcoin drops couple of hundred and then tries to rally
- Drops $500 once the news hits the channels
- Mr. Bill Gates decides to trash Bitcoin on CNBC squackbox Monday morning
- Stage is all set for the cartel to take over from here
- Then came MtGox, Nvidia, S.Korea and couple of plain-vanilla-dumps at a few hundred dollar’s intervals close to each other. Everything is clearly visible in 15-minutes charts (above)
- Missions Accomplished! $2,000 “natural correction” is achieved.
Crypto space is ready to fight over whether this is a “natural correction” or a “manipulation”.
It was Buffet’s Rat poison comment at $9,990, then we had Mt. Gox dump at $9,350, then came Nvidia Forecast at $9,100, and S. Korea exchange raid $8,950, and the we had several FUD news including Operation Cryptosweep and China Crackdown, India Tax that eventually took BTC below $7,500.
Here are first few dumps recorded on 15min candles. Please note the corresponding volumes. Another coincidence you think?
Zerohedge: Cryptos have been hit with a tripple whammy today. The last 24 hours have not been pretty for cryptocurrency bulls…Around 1pmET, the entire space tumbled almost instantly as large blocks went through in Bitcoin, with chatter suggesting the MtGox custodian was unloading once again…Cryptos Crushed By 24-Hour Triple-Whammy
Then we get a 35% correction
Here is the complete picture from May-05 to May-23. This is a 26% correction. See how it was smacked down at $8,600 when it tried to revers the trend?
U.S. Launches Criminal Probe into Bitcoin Price Manipulation
Another event happened on May 24, 2018:
→ Justice Department opens investigation into illicit trading
→ Agency is working with CFTC, which oversees crypto futures
The Justice Department has opened a criminal probe into whether traders are manipulating the price of Bitcoin and other digital currencies.
Then there was another hack in S.Korea and a subpoena by CFTC to crypto exchanges etc. Thus, we have a 35% correction since Buffet comment. This is how it looks.
Crypto Collapse Accelerates As Bitcoin Miners Turn Cashflow Negative
Another day, another leg lower in cryptocurrencies as FUD spreads, this time on the back of headlines exposing market manipulation during last year’s meltup and collapsing margins for miners as prices tumble below breakevens. It’s been one hell of a week for cryptos…
Thank you manipulators (or whatever you want to call them)
Here is my simple strategy
1) Long Manipulators
2) Short Mooners
It has been phenomenally successful for past 5 months. Read STFR/BTFDD strategy in my first cartel post.
Recently, I was asked “What are we even supposed to do against these juggernauts?” 😞
Lesson #1: Acknowledge we are in a war
Lesson #2: Never underestimate the enemy
Be careful about whom you follow
Today few FF have started hitting my feed…that tells me we are close to a bottom…. Be careful!! This is a season to harvest more followers. Ask three Simple questions:
1) Did they tell you “We are going to moon soon” in Nov-Dec-17?
2) Did they tell you Institutional money is going to pour in the Crypto market? (yes it did, but on the short side)
3) Did they tell you we are going to burn the fiat & banking system soon and Bitcoin will be the next reserved currency?
Review all the OGs you have been following. Keep a balance of Bear and Bulls in your follows. Unfollow all Unidirectional handles who talk nothing but moon. There is a lot more to the financial system and the Wall St. than the moons and lambos. Soros does not buy Bitcoin at $10K and $20K. If he does there is a reason for that. Try to research his past actions and find out.
No lambos for me
I buy used cars, because I am poor and cheap :) The most important thing for me is — I buy them cash, No Debt, no Credit Card.
I was recently asked “When r u going to buy Lambo”, here is my tweet on it
…and by the way, I also buy Silver with Cash. See my post written in Jan-2018: Where is The Future Bull Market — Bitcoin or Silver?
Follow my twitter handle here
Conclusion
Let me clarify before closing this post.
I am a long-term Mooner but a mid-term Bear and therefore, a short-term trader. I collect Bitcoin just like all Bitcoiners. I also feel we are going to 100K. It’s just a different time zone for me. My time-frame for the moon is at least few years in the future.
Mooners want to go to moon now. I want to accumulate a lot more before going to the moon. Call me a contrarian if you like. There is nothing right or wrong in the investing. There are only profits and losses.
I would like to be wrong and have the profits than being right and having losses.
Before I end this post, let’s enjoy this Wasu Wasu video celebration again. I love it.
Carlos claimed to be earning $1,400 on daily basis (I am aware he is actor here). What is his bottom line today? Please don’t dream too hard people, lets keep our feet on the ground. It will keep you in the game for long time. HODL what you have. Buy lot more in the Dips. We will win in the end.
Tip Jar — Why not?
Bitcoin
38umtCepvKMRFxqUYWfR3BXUDNzB7AdVcd
LTC
MJBu2Yn6Pnd2nBn8WWdX6i8mrZRQSDJDuS
Bitcoin Cash
qrac9xqde4xwc4jphvvqeu4r4dlzpg6kjgdt6ws6uu
ERC20 Tokens
0xe309f87f72f3fd0407866c5903430e553fd4e200
