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Epic Pennant on BTC Chart


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12 minutes ago, Neurotoxin said:

They’re definitely due for a very heavy correction (the dow reached a full 4.236 extension a while ago already )and (eventually) a recession IMO. That eventually being sometime next year if you ask me. But Idk, all depends on what monetary policy the Murican’s decide to put in place (along with other factors). 

@Nat99 was right to call about Evergrande. It’s not local to China as most people think (and hence my comment on the XRP thread). This is a highly over-leveraged market, globally, with exposure to Wall Street too. Commodities impact, bonds etc. China retail sales have been falling for a while. China’s bad moment is going to be everyone’s bad moment, if this extends to beyond Evergrande. Apple and other sales get impacted, a lot of leverage in China is backed by the housing market, etc.

The second big factor, as you mentioned, could originate in the US. But we are not quite at a recession yet. The most immediate concern is the debt ceiling.

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Gonna have to wait longer for the 

Stock market and crypto market are coming off their lows.

Does China bail out Evergrande????? Probably.

Options and futures expiration this week for Bitcoin so that is playing into the Bitcoin drop as well.  

Hashrate continues to recover for bitcoin.

https://bitinfocharts.com/comparison/bitcoin-hashrate.html#3y

Looks like Bitcoin's chart could be setting up a reverse H&S Pattern.  The Neckline is around $53k.

XRP is particularly beat up today. I'd pick up some XRP today is I could. 

h&S.png

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9 hours ago, Ripley said:

@Nat99 was right to call about Evergrande. It’s not local to China as most people think (and hence my comment on the XRP thread). This is a highly over-leveraged market, globally, with exposure to Wall Street too. Commodities impact, bonds etc. China retail sales have been falling for a while. China’s bad moment is going to be everyone’s bad moment, if this extends to beyond Evergrande. Apple and other sales get impacted, a lot of leverage in China is backed by the housing market, etc.

The second big factor, as you mentioned, could originate in the US. But we are not quite at a recession yet. The most immediate concern is the debt ceiling.

OK, this is what contagion looks like:

 

The Ultimate Contagion: China Sovereign Risk Is Starting To Blow Out

Eight Bond Deals Pulled On Evergrande Contagion

Volatility Spike Could Trigger Up To $40 Billion In Forced Selling

and finally:

US Equity Indices Crash Below Key Technicals

and:

US Stocks Hit With 2nd Biggest Sell Program In History

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Very bad for all crypto:

https://www.reuters.com/world/china/china-central-bank-vows-crackdown-cryptocurrency-trading-2021-09-24/

SHANGHAI, Sept 24 (Reuters) - China intensified a crackdown on cryptocurrency trading on Friday, vowing to root out "illegal" activity and banning crypto mining nationwide, hitting bitcoin and other major coins and pressuring crypto and blockchain-related stocks.

Ten Chinese government agencies, including the central bank as well as banking, securities and foreign exchange regulators, said in a joint statement they would work closely to maintain a "high-pressure" clampdown on trading of cryptocurrencies.

The People's Bank of China (PBOC) said cryptocurrencies must not circulate in markets as traditional currencies and that overseas exchanges are barred from providing services to mainland investors via the internet.

The PBOC also barred financial institutions, payment companies and internet firms from facilitating cryptocurrency trading.

 

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But surely only in that country. Much like the SEC case against Ripple in the US. Sure it’s a pain, but surely still these countries must be aware all they are doing is putting in speed bumps in the path of crypto, they can’t stop it. 

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24 minutes ago, JJJ2 said:

Very bad for all crypto:

https://www.reuters.com/world/china/china-central-bank-vows-crackdown-cryptocurrency-trading-2021-09-24/

SHANGHAI, Sept 24 (Reuters) - China intensified a crackdown on cryptocurrency trading on Friday, vowing to root out "illegal" activity and banning crypto mining nationwide, hitting bitcoin and other major coins and pressuring crypto and blockchain-related stocks.

Ten Chinese government agencies, including the central bank as well as banking, securities and foreign exchange regulators, said in a joint statement they would work closely to maintain a "high-pressure" clampdown on trading of cryptocurrencies.

The People's Bank of China (PBOC) said cryptocurrencies must not circulate in markets as traditional currencies and that overseas exchanges are barred from providing services to mainland investors via the internet.

The PBOC also barred financial institutions, payment companies and internet firms from facilitating cryptocurrency trading.

 

China banning crypto for the hundredth time.

season 17 episode 13 GIF

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9 minutes ago, B088IN said:

But surely only in that country. Much like the SEC case against Ripple in the US. Sure it’s a pain, but surely still these countries must be aware all they are doing is putting in speed bumps in the path of crypto, they can’t stop it. 

Both China and the USA taking a hard stance is kind of a big deal. 

Utility tokens are under pressure to prove their case as utility tokens, commodities, or whatever it needs to be in order to separate them from the 99% of crypto tokens that are useless, unregistered securities. This was always going to be the case. 

The NFT space is going to be filled with fraud and scams and insider trading soon enough, which will also draw the attention of regulators. 

BTC will have its road blocks but can carry on doing its thing. I think every other token in existence still needs further protection in order to be safe from regulators, including ethereum. 

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Old China FUD disguised as breaking news to wipe out the gains made the last two days.  About average behavior for Crypto.  

https://cointelegraph.com/news/old-fud-new-btc-price-dip-month-old-china-crypto-ban-sparks-42k-bitcoin-price-drop

Don't let them steal your coins.  ETH below 3k NEO below $40 these low prices won't last. 

9 24 2021.png

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