The Wolf Den #70 - Bitcoin Drop, Trades, Requests and Markets
thewolfden.substack.com
This newsletter is sponsored by 2 amazing companies: VOYAGER and PHEMEX.I use Voyager for my spot trading and investing (and to compound interest) and I use Phemex for trading with leverage. Sign up to both with the links above and get some free Bitcoin. I really encourage you to check them both out - you know that I never endorse a product that I do not use!Make sure to use code SCOTT25 after you download the Voyager App to get $25 in free Bitcoin.It's unemployment reporting day in the United States and we are once again living in an alternate reality where math does not exist and data makes no sense.The United States lost roughly 1.5-2m jobs a week in June, as reported each Thursday morning at 8:30 AM EST. However, the monthly report just came in and the United States magically added 4.8M jobs! It's a Christmas in July miracle, and one that we saw last month as well when the US pulled a massive job gain out of it's black top hat.https://www.cnbc.com/2020/07/02/jobs-report-june-2020.htmlThe numbers imply that a record number of people are still losing jobs, while a record number of other people are gaining other jobs. Seems unlikely, but anything is possible in 2020.Whether the data is fudged or just reported on different metrics is not the true story. The real story is the expiration of PPP loans, as well as the requirements for having these loans forgiven.In order to be eligible for forgiveness of PPP loans, employers HAD to rehire employees by June 30, 2020. After that, if funds provided by CARES have been used for payroll and eligible expenses, the employers have no restriction on future layoffs.To state is plainly - any PPP money received and used for payroll before July 1st will be completely forgiven... free money. If someone did not maintain their full payroll during this time, they would have to pay back the part of the loan that was given for employee compensation... no free money.Further, the numbers are calculated mid month and do not account for the spike in Covid-19 cases in multiple states and the subsequent halt in reopening plans. Arizona and Texas are already closing some businesses, as I predicted last week.It will be very interesting to see what happens in the coming months, as Covid cases continue to rise and states continue to slow their reopening plans. This combined with likely post PPP layoffs could cause a significant dip in employment once again. Let's hope this is not the case, that the numbers are real and that the economy is once again growing. I have my doubts.--- The chart requests have become tedious and a lot of subscribers have told me that they don't really add much value. That's why I have been dropping them to the very bottom of the newsletter. Feedback has been that most subscribers enjoy the information more than the charts, which I think is great! For charts.... please only send a request if you really think there is something of interest that you are specifically seeing on the chart. They take me forever and most of them are of almost 0 interest, especially this week. The less time I spend charting requests, the more time I can focus on finding setups that I actually like or writing information that can help you as traders.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.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!What’s In This Issue:Bitcoin Thoughts And AnalysisThe Wolf Of All Streets Podcast Ft. Jack O'HolleranAltcoin TradesVoyager Enables 2FAManny's Point Of View - A Great ConversationFederal Reserve Is Helping The Wealthiest PeopleIntroduction To Ichimoku CloudSenate Hearing Review - The Digitization Of MoneyHedge Funds Are Raising Money While They LoseStock Market Recovery Or Inflation?Legacy MarketsMy Recommended Platforms And ToolsChart Requests
The Wolf Den #70 - Bitcoin Drop, Trades, Requests and Markets
The Wolf Den #70 - Bitcoin Drop, Trades…
The Wolf Den #70 - Bitcoin Drop, Trades, Requests and Markets
This newsletter is sponsored by 2 amazing companies: VOYAGER and PHEMEX.I use Voyager for my spot trading and investing (and to compound interest) and I use Phemex for trading with leverage. Sign up to both with the links above and get some free Bitcoin. I really encourage you to check them both out - you know that I never endorse a product that I do not use!Make sure to use code SCOTT25 after you download the Voyager App to get $25 in free Bitcoin.It's unemployment reporting day in the United States and we are once again living in an alternate reality where math does not exist and data makes no sense.The United States lost roughly 1.5-2m jobs a week in June, as reported each Thursday morning at 8:30 AM EST. However, the monthly report just came in and the United States magically added 4.8M jobs! It's a Christmas in July miracle, and one that we saw last month as well when the US pulled a massive job gain out of it's black top hat.https://www.cnbc.com/2020/07/02/jobs-report-june-2020.htmlThe numbers imply that a record number of people are still losing jobs, while a record number of other people are gaining other jobs. Seems unlikely, but anything is possible in 2020.Whether the data is fudged or just reported on different metrics is not the true story. The real story is the expiration of PPP loans, as well as the requirements for having these loans forgiven.In order to be eligible for forgiveness of PPP loans, employers HAD to rehire employees by June 30, 2020. After that, if funds provided by CARES have been used for payroll and eligible expenses, the employers have no restriction on future layoffs.To state is plainly - any PPP money received and used for payroll before July 1st will be completely forgiven... free money. If someone did not maintain their full payroll during this time, they would have to pay back the part of the loan that was given for employee compensation... no free money.Further, the numbers are calculated mid month and do not account for the spike in Covid-19 cases in multiple states and the subsequent halt in reopening plans. Arizona and Texas are already closing some businesses, as I predicted last week.It will be very interesting to see what happens in the coming months, as Covid cases continue to rise and states continue to slow their reopening plans. This combined with likely post PPP layoffs could cause a significant dip in employment once again. Let's hope this is not the case, that the numbers are real and that the economy is once again growing. I have my doubts.--- The chart requests have become tedious and a lot of subscribers have told me that they don't really add much value. That's why I have been dropping them to the very bottom of the newsletter. Feedback has been that most subscribers enjoy the information more than the charts, which I think is great! For charts.... please only send a request if you really think there is something of interest that you are specifically seeing on the chart. They take me forever and most of them are of almost 0 interest, especially this week. The less time I spend charting requests, the more time I can focus on finding setups that I actually like or writing information that can help you as traders.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.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!What’s In This Issue:Bitcoin Thoughts And AnalysisThe Wolf Of All Streets Podcast Ft. Jack O'HolleranAltcoin TradesVoyager Enables 2FAManny's Point Of View - A Great ConversationFederal Reserve Is Helping The Wealthiest PeopleIntroduction To Ichimoku CloudSenate Hearing Review - The Digitization Of MoneyHedge Funds Are Raising Money While They LoseStock Market Recovery Or Inflation?Legacy MarketsMy Recommended Platforms And ToolsChart Requests