Is Tether Going To Screw Us All?!
Hi Everybody welcome to this brand-new analysis!
In my previous analysis I mentioned: We are forming a potential right shoulder (or already formed it), to complete a big head and shoulders pattern which would be invalidated around the 5348-5480 area, this pattern has a target of approximately $4200. That one failed after we broke $5348. My analysis was off on BTC however i rarely trade BTC because there is more money (percentage) to be made on alt coins. I mostly use BTC for my all round analysis of the market. With that being said, My positions from 2 weeks ago made me some nice profits.
So where are we now? Currently, we are setting up an even bigger head and shoulders pattern, and another potential ascending triangle. I expect we will at least test the $5474 and if that breaks $5648 based on the technicals.
On the fundamental side we have a lot of shit going on: On the 26th of April: A recent report says that Bitfinex has lost $850 mln and has been covering this loss with USDT coins. Due to that, the NY court filed an injunction against the Bitfinex exchange and Tether, ordering them to freeze all operations and provide a great amount of documentation by the end of this week. The announcement of the $850 mln cover-up initiated by Bitfinex came from the NY Attorney General last week. The $850 mln in question was a mix of user and corporate funds, according to the statement.
April 30: Tether, the number one stable coin, appears at the center of yet another controversy after it has been revealed that only 74 percent of its supply is backed by fiat (including fiat equivalents). The damning report comes in less than a week after it was revealed that cryptocurrency exchange Bitfinex lost $850 mln and masked the whole sum with Tether. Bitfinex may be looking to amend the situation, however. According to Dovey Wan, a founding partner of Primitive Ventures, the exchange is planning to raise $1 billion through the sale of Bitfinex branded tokens and an on-platform initial coin offering, more commonly referred to as an IEO.
May 1st: Days after minting $300 million in USDT and coincidentally, hackers moving 200 BTC, iFinex is under the radar of the New York Office of the Attorney General. However, the exchange’s executives are adamant, maintaining that no funds are lost and would recover the $850 million of Tether Limited reserve funds. Even so, reports show that they are planning for an IEO intending to raise $1 billion.
So yeah it is pretty much the old system in a new jacket with this type of shenanigans. There is a possible and probable scenario unfolding in the following week, everyone dumps tether and buys BTC and other coins and price rises like 15-10-18 with a big short squeeze coming. Tether holders will likely try to cash out into any other cryptocurrency to move their funds without having them trapped by the exchange. On the flip side we've could have already seen the worst of this FUD with the bearish impact a few days ago. But i think there is going to be a lot more FUD around this subject!
Stay informed and always trade with a stop loss!
If you like our ideas please leave a like and follow us here and on Telegram : /CryptoSantaFortuna
Arrivederci!
In my previous analysis I mentioned: We are forming a potential right shoulder (or already formed it), to complete a big head and shoulders pattern which would be invalidated around the 5348-5480 area, this pattern has a target of approximately $4200. That one failed after we broke $5348. My analysis was off on BTC however i rarely trade BTC because there is more money (percentage) to be made on alt coins. I mostly use BTC for my all round analysis of the market. With that being said, My positions from 2 weeks ago made me some nice profits.
So where are we now? Currently, we are setting up an even bigger head and shoulders pattern, and another potential ascending triangle. I expect we will at least test the $5474 and if that breaks $5648 based on the technicals.
On the fundamental side we have a lot of shit going on: On the 26th of April: A recent report says that Bitfinex has lost $850 mln and has been covering this loss with USDT coins. Due to that, the NY court filed an injunction against the Bitfinex exchange and Tether, ordering them to freeze all operations and provide a great amount of documentation by the end of this week. The announcement of the $850 mln cover-up initiated by Bitfinex came from the NY Attorney General last week. The $850 mln in question was a mix of user and corporate funds, according to the statement.
April 30: Tether, the number one stable coin, appears at the center of yet another controversy after it has been revealed that only 74 percent of its supply is backed by fiat (including fiat equivalents). The damning report comes in less than a week after it was revealed that cryptocurrency exchange Bitfinex lost $850 mln and masked the whole sum with Tether. Bitfinex may be looking to amend the situation, however. According to Dovey Wan, a founding partner of Primitive Ventures, the exchange is planning to raise $1 billion through the sale of Bitfinex branded tokens and an on-platform initial coin offering, more commonly referred to as an IEO.
May 1st: Days after minting $300 million in USDT and coincidentally, hackers moving 200 BTC, iFinex is under the radar of the New York Office of the Attorney General. However, the exchange’s executives are adamant, maintaining that no funds are lost and would recover the $850 million of Tether Limited reserve funds. Even so, reports show that they are planning for an IEO intending to raise $1 billion.
So yeah it is pretty much the old system in a new jacket with this type of shenanigans. There is a possible and probable scenario unfolding in the following week, everyone dumps tether and buys BTC and other coins and price rises like 15-10-18 with a big short squeeze coming. Tether holders will likely try to cash out into any other cryptocurrency to move their funds without having them trapped by the exchange. On the flip side we've could have already seen the worst of this FUD with the bearish impact a few days ago. But i think there is going to be a lot more FUD around this subject!
Stay informed and always trade with a stop loss!
If you like our ideas please leave a like and follow us here and on Telegram : /CryptoSantaFortuna
Arrivederci!
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