Convicted ECB Banker Lectures The Market on Bitcoin?

Hi Everyone

It’s hard to not get your blood boiling when listening to legacy financial mouth-pieces spew so much drivel about bitcoin and crypto.

Convicted Banker Lectures The Market on Bitcoin ‘funny business’

Last week, European Central Bank president Christine Lagarde — a convicted and corrupt banker who now decides EU monetary policy — said that bitcoin has facilitated ‘funny business’ and needs to be regulated at an international level.

Leaving aside the big-worded verbiage, Lagarde said something that was noteworthy: “There has to be regulation. This has to be applied and agreed upon… at a global level because if there is an escape that escape will be used.”

Clearly, Lagarde and the inner central-banking circle have made plans of their own, and bitcoin is interfering with those plans, as it exists outside their financial chemistry set.

It is the anomaly that needs to be contained in order for the ECB’s dreams of total control over fiscal policy in the European bloc come true.

Bearing in mind that the EU and all central banks are racing to release their own Central Bank Digital Currency (CBDC), from their point of view it’s not ideal for competition to manifest itself twice (both between central banks and against all of them).

As such, bitcoin is a threat. Just last year, Facebook’s Libra project was formally rejected and the project is now dead in the water.

This cannot happen with bitcoin.

In a blog post published in October last year, I speculated on the trade-offs an EU CBDC would present, likening their introduction with a dystopian nightmare where all sense of personal freedom and responsibility are negated.

Central bank behaviour has given me absolutely no reason to expect that anything good will come from the ECB nor their fraud-ridden private banking partners.

Personal opinions aside, I’m under no illusion that CBDC’s are a dream come true for central banks, who believe themselves to have all the answers to fiscal policy and world finance.

As such, the concerted effort to paint bitcoin in a bad light will continue for as long as it keeps working.

However, as they continue to perpetuate their self-inflicted crisis of confidence in the Euro-Dollar system, there’s only so much time central bankers can buy for themselves.

An explosion of financial literacy is taking place, and one way or another the ECB (and other central bankers) will answer for what they’ve enabled.

The crypto free market will ensure that.

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Technically speaking

Bitcoin formed a bullish consolidation structure (flag pattern) as volumes on major exchanges declined in preparation for the next decisive move.

As of today, bitcoin tested the 20-daily exponential moving average 5 times on the daily, successfully bouncing on all accounts.

A flag-consolidation pattern in an established up-trend is technically bullish and sets the tone for expectations moving into the week.

Before bulls can pop the champagne bottles however, crucial lower-time frame levels must be conquered.

Levels to watch:

  • $36,800 LTF pivot level
  • $38,800 local high
  • $40,000 psychological level

Since there is little wiggle room in this structure, a decisive break will likely occur within the next 24–48 hours (and sooner rather than later).

On the flip-side, should momentum shift to favour sellers, then $30,000 would be the next area of decent support.

In this scenario, market structure will have flipped bearish, suggesting that a deeper correction is likely before bitcoin pushes the $50,000 mark.

ETH/BTC tests weekly resistance again

Meanwhile, Ethereum continues to gain ground against bitcoin as it hugs the weekly super-trend resistance level at 0.035 Satoshis.

As the decentralised finance (DeFi) narrative picks up steam again, with various altcoins such as Polkadot, Compound, Aave and Link increasing dramatically over the weekend, traders are expecting follow-through from the blue-chip major (ethereum).

Technically, ETH/BTC is millimetres away from cementing this reversal which has been months in the making (per the higher lows above).

Ethereum is still 13% away from all time highs at the time of publishing.

Catch you next time

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Christopher Attard
Founder of Chris on Crypto
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