Heads, shoulders, knees and toes
4 min read

Heads, shoulders, knees and toes

B21 Crypto. We help you stomach cryptoassets.

Cryptic ball: "truth is like poetry".

As anticipated, yesterday's bitcoin scenarios remain valid for the weekend as the original cryptoasset remains rangebound, freezing most of rest of the market: with only 10 of the top 100 coins appreciating more than 2% over the past 24 hours. What else can you expect over the next days? Well, surely more FUD. Alas, even the Cayman Islands regulator claims Binance isn't authorised to operate from the tax haven, following similar announcements from several other countries.

This may entice bears to renew selling pressure, and it will surely excite the likes of Michael Burry - the contrarian investor popularised in the Big Short movie - who is calling bitcoin (and meme stocks) a bubble akin to house in 2007 for a while. It started in March and has likely put serious money where his big mouth is since then, given that he remains tweeting (and then deleting) charts and memes regarding the heads and shoulder pattern that could trap bulls in the next dump.

Chart art: "and most people f*cking hate poetry"

This is who Christian Bale played as in The Big Short movie, you know?

Market musings: just a little shake, right?

Should you be worried? Well, that's a popular old-school pattern that even hedge fund investors commonly refer to, so it may be self-fulfilling. However, for the hopeful ones, note that Jurrien Timmer - the director of global macro at Fidelity, a financial mammoth which manages $10 trillion in assets - predicted June 23rd's dip one month ago. He argued there was a wider trend at play and that the H&S pattern would be resolved once $30k was tested again - which already happened.

Naturally, he is a converted long-term bull, so have that in mind. Still, in the land of the realists it's likely to consider that even if Michael Burry is right that cryptoassets and meme stocks will eventually produce the "mother of all crashes", such bear market will only begin once expectations of the end of the US Fed's role in pampering the economy become material (which could happen early next year). Meanwhile, BTC is still sideways and until that changes the plan is the same!

Visual block: keep following these reserves.

If you want to see if the Binance FUD is becoming material, create an alert on this chart!

Three things: keep learning over the weekend.

Tweet tip: what about India?

We're curious to see some back-of-envelope calculations for more countries!

Meme moment: also this.

Remember what we wrote two days ago?

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Our newsletter offers opinions and insights from analysts in the cryptoasset space. It is not intended to be investment advice, and should not be treated as such. You must not rely on its information as an alternative to financial advice from a qualified professional. Without prejudice, we do not undertake or guarantee that its information is correct, complete or non-misleading; or that the use of guidance in the report will lead to any particular outcome or result.