The Wolf Den #42 - Charts, Trades, Contact Tracing, Podcast and More
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A MAJOR THANK YOU AS ALWAYS to my sponsors: VOYAGER and PHEMEX.Please make sure to read about them below and to check them out! I use Voyager for my spot trading and investing (and to compound interest) and I use Phemex for trading with leverage.5.2 million more Americans filed for unemployment this week, bringing the total to 22 million in 28 days.“The labor market is showing us what I think we all know, that the economy is falling off a cliff at an unprecedented rate,” said one economist.Still, even that number may not tell the whole story, as state unemployment offices continue to struggle to process the unprecedented number of people rushing to file claims. Floridian politicians, including one of the most corrupt Senators of all time, Rick Scott, even admitted that they have purposely made filling more difficult to temper the numbers and control the rate at which claims come in.“The job losses are historic,” economist Julia Coronado said. “It means that we are going to be in for a double-digit unemployment rate.”The people are obviously suffering. How about the companies?Hertz is seeking help from the government to avoid bankruptcy, according to sources who spoke to the New York Post. The car rental giant is said to be facing a budget shortfall of up to $1.5 billion in the coming months.United Airlines cut its May flight schedule by 90%, saying travel demand had essentially shrunk to zero. The airline also warned of possible job cuts.Yet stocks continue to rise.I touched on this in a tweet thread this morning, which I will summarize and add to here.We hear this all the time: “Bitcoin is manipulated.”If manipulation was a sporting event, the stock market would be the Super Bowl and Bitcoin would be two legless ducks playing badminton blindfolded on an ice skating rink.Wake up.Bitcoin is the closest thing we have to a free market.It is true that whales move Bitcoin price at their whim. This is the nature of a free market. As a trader, you have the opportunity every day to attempt to be onside with these whales. There is no market in existence where everyone enters on equal footing, with equal capital. We are all small fish swimming with whales and sharks - accept it and use it to your advantage.Stock buybacks, QE and bailouts prop the stock market, bond market etc. Weeks ago, there were literally NO buyers in the bond market. Imagine that. Government bonds were less liquid than Bitcoin. So the Fed stepped in and set a floor. That’s REAL manipulation by governments. What we see in crypto is merely price action being disproportionately effected by a few large players - this is NOTHING compared to the systematic manipulation that we see every day in the equities and bond markets.And if the stock market is the Super Bowl, then the oil market is the intergalactic Quidditch tournament played by Herculean giants from universes yet to be discovered. OPEC manipulates price, countries like Saudi Arabia and Russia overtly enter a price war and global markets tremble.Bitcoin is the LEAST manipulated market on earth.That said, this should be obvious... don’t use your stimulus check to buy Bitcoin (as is being widely recommended and discussed in the crypto community) if you may need it to pay rent or buy food in the coming months. There are no guarantees you’re going back to work or that more money is coming your way. Be smart and cover the necessities.Bitcoin isn't going anywhere.On to business…A general note - whenever I draw a line on a chart, it should be viewed as elastic and not static. It is more of a zone. So the areas around those lines are usually more accurate. Further, I try to use multiple techniques and indicators on various charts, so if you are learning TA, you should read through all of these to see how I blindly look at a chart.Stock charts are not particularly reliable! Take all TA on equity charts, especially at a time like this, with a grain of salt. They all look similar because of the fundamentals of the global crisis.If you are a new member, please refer to Issue 10 (you can click on it here - https://www.getrevue.co/profile/TheWolfDen/issues/the-wolf-den-crypto-newsletter-issue-10-219754 and have it sent to you) for instructions on how to make my charts your own.IMPORTANT NOTE - I will only accept requests on Wednesdays, between 8 AM and 1 PM EST. That will make sure that they are your most pressing requests. Please mark it in your calendar and email me by responding to this email!Someone requested XDP/USDT. I am not sure what that is, but I could not find it on TradingView.If you like what I am doing, please feel free to share it with your friends and followers! That’s the best thank you that you could offer.What’s in this issue?Bitcoin Thoughts And AnalysisThe Wolf Of All Streets Podcast Ft. Eric Feigl-DingAltcoinsWyoming Remains Ahead Of The CurveContact Tracing And PrivacyThe Housing MarketChart RequestsPhemexVoyager
The Wolf Den #42 - Charts, Trades, Contact Tracing, Podcast and More
The Wolf Den #42 - Charts, Trades, Contact…
The Wolf Den #42 - Charts, Trades, Contact Tracing, Podcast and More
A MAJOR THANK YOU AS ALWAYS to my sponsors: VOYAGER and PHEMEX.Please make sure to read about them below and to check them out! I use Voyager for my spot trading and investing (and to compound interest) and I use Phemex for trading with leverage.5.2 million more Americans filed for unemployment this week, bringing the total to 22 million in 28 days.“The labor market is showing us what I think we all know, that the economy is falling off a cliff at an unprecedented rate,” said one economist.Still, even that number may not tell the whole story, as state unemployment offices continue to struggle to process the unprecedented number of people rushing to file claims. Floridian politicians, including one of the most corrupt Senators of all time, Rick Scott, even admitted that they have purposely made filling more difficult to temper the numbers and control the rate at which claims come in.“The job losses are historic,” economist Julia Coronado said. “It means that we are going to be in for a double-digit unemployment rate.”The people are obviously suffering. How about the companies?Hertz is seeking help from the government to avoid bankruptcy, according to sources who spoke to the New York Post. The car rental giant is said to be facing a budget shortfall of up to $1.5 billion in the coming months.United Airlines cut its May flight schedule by 90%, saying travel demand had essentially shrunk to zero. The airline also warned of possible job cuts.Yet stocks continue to rise.I touched on this in a tweet thread this morning, which I will summarize and add to here.We hear this all the time: “Bitcoin is manipulated.”If manipulation was a sporting event, the stock market would be the Super Bowl and Bitcoin would be two legless ducks playing badminton blindfolded on an ice skating rink.Wake up.Bitcoin is the closest thing we have to a free market.It is true that whales move Bitcoin price at their whim. This is the nature of a free market. As a trader, you have the opportunity every day to attempt to be onside with these whales. There is no market in existence where everyone enters on equal footing, with equal capital. We are all small fish swimming with whales and sharks - accept it and use it to your advantage.Stock buybacks, QE and bailouts prop the stock market, bond market etc. Weeks ago, there were literally NO buyers in the bond market. Imagine that. Government bonds were less liquid than Bitcoin. So the Fed stepped in and set a floor. That’s REAL manipulation by governments. What we see in crypto is merely price action being disproportionately effected by a few large players - this is NOTHING compared to the systematic manipulation that we see every day in the equities and bond markets.And if the stock market is the Super Bowl, then the oil market is the intergalactic Quidditch tournament played by Herculean giants from universes yet to be discovered. OPEC manipulates price, countries like Saudi Arabia and Russia overtly enter a price war and global markets tremble.Bitcoin is the LEAST manipulated market on earth.That said, this should be obvious... don’t use your stimulus check to buy Bitcoin (as is being widely recommended and discussed in the crypto community) if you may need it to pay rent or buy food in the coming months. There are no guarantees you’re going back to work or that more money is coming your way. Be smart and cover the necessities.Bitcoin isn't going anywhere.On to business…A general note - whenever I draw a line on a chart, it should be viewed as elastic and not static. It is more of a zone. So the areas around those lines are usually more accurate. Further, I try to use multiple techniques and indicators on various charts, so if you are learning TA, you should read through all of these to see how I blindly look at a chart.Stock charts are not particularly reliable! Take all TA on equity charts, especially at a time like this, with a grain of salt. They all look similar because of the fundamentals of the global crisis.If you are a new member, please refer to Issue 10 (you can click on it here - https://www.getrevue.co/profile/TheWolfDen/issues/the-wolf-den-crypto-newsletter-issue-10-219754 and have it sent to you) for instructions on how to make my charts your own.IMPORTANT NOTE - I will only accept requests on Wednesdays, between 8 AM and 1 PM EST. That will make sure that they are your most pressing requests. Please mark it in your calendar and email me by responding to this email!Someone requested XDP/USDT. I am not sure what that is, but I could not find it on TradingView.If you like what I am doing, please feel free to share it with your friends and followers! That’s the best thank you that you could offer.What’s in this issue?Bitcoin Thoughts And AnalysisThe Wolf Of All Streets Podcast Ft. Eric Feigl-DingAltcoinsWyoming Remains Ahead Of The CurveContact Tracing And PrivacyThe Housing MarketChart RequestsPhemexVoyager