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Bon-Voyager! BTC Bailouts Continue, Technical Outlook, Edition #218 (23/06/2022)
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Bon-Voyager! BTC Bailouts Continue, Technical Outlook, Edition #218 (23/06/2022)

Crypto broker Voyager Digital is the latest big name caught up in the Three Arrows Capital meltdown. Who's next? Find out the latest outlook in tonight's technical analysis update šŸ‘‡

Qluster.co
Jun 23
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Bon-Voyager! BTC Bailouts Continue, Technical Outlook, Edition #218 (23/06/2022)
research.qluster.co

Crypto | High Seas ahead as Creditors pursue 15,250 BTC

The string of high-profile Bitcoin bailouts continues.

In the latest breaking headline, the news of Voyager Digital's eye-watering US$661 million exposure to Three Arrows Capital (3AC) alludes to the roaring wave of liquidations that approaches.

According to theirĀ website:

Three Arrows Capital is a hedge fund established in 2012 and focused on providing superior risk-adjusted returns, founded by Su Zhu and Kyle Davies.

Cryptocurrency brokerĀ Voyager DigitalĀ recently announced that its subsidiary would likely issue a default notice to 3AC if the hedge fund does not settle its outstanding debts. The broker's total exposure to 3AC is estimated to be 15,250 bitcoin, approximately USD 300 million, and $350 million of the USDC stablecoin.Ā 

Voyager is now pursuing legal discussions to recover both:

  1. A $25 million USDC loan repayment, which is due by June 24, and

  2. The entire amount is to be repaid by June 27Ā 

Both claims are still unpaid at this point in time.

Level up with the lowdown behind cryptocurrency Supply on Exchanges. Read the explorer’s guide in Demystifying Supply on Exchange, On-Chain Outlook, Edition #42 šŸ‘‰


Hope, in the Aftermath?

In exploring remedies to settle loans with creditors, the latest reports indicate that Three Arrows Capital has contemplated avenues.

Measures considered are reported to include the sale of assets and a possible bailout from another firm.Ā 

It is also unsurprising to see Voyager become more aggressive with its requests after signing an agreement with Alameda Ventures Ltd for a revolving line of credit to meet the liquidity needs of its customers.Ā 

That same financial lifeline was offered to BlockFi this week as cryptocurrency exchange FTX chief executive Sam Bankman-Fried (SBF) extended a US$250 million loan to cover the crypto lender's exposure. This latest bailout adds to an additional US$485 million loan to Voyager, effectively pulling the broker back from the brink.

Uncle Sam's generosity seems to have helped investors grab a breath of fresh air as confidence regained in the markets.

However, both the magnanimous SBF and Q know thatĀ Crypto WinterĀ may last much longer than the market can remain solvent.


Damn. Did somebody say, ā€œSam, I amā€?

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Q's Conclusion continues in tomorrow's episode of Charting with Griff.

Before getting to tonight’s BTC chart analysis, make sure you're subscribed on Substack and we'll let you know when the newest technical analysis report is ready to watch šŸ‘‰

Signing off this report ahead of the weekend's trading video…

Take a look at the light technical analysis on the BTC/USD daily chart.

Bitcoin vs. US Dollar, $BTC - Daily (D1)

TradingView Chart

Observe the price action that still appears slightly shaky as markets head into the month's end.Ā 

A double bottom on the .786 fib retrace level supported by healthy volume is a promising sign that the market may have found a temporary footing.Ā Recognising that confirmation of a bullish reversal has not been produced is crucial.

Thus, for safety's sake, a guarded view remains until the Bitcoin prices can assertively flip the daily 20 exponential moving average (D1 20 EMA, GREEN) into support at local horizontal resistance (RED).

Fear leaps to frightening heights. Here’s a link to learn about the Crypto Fear and Greed Index and what it means for the technical analysis practitioner šŸ‘‰


Bitcoin vs. US Dollar, $BTC - 4 Hour (H4)

TradingView Chart

Upon closer examination, the makings of a potential sloped inverse head and shoulders or descending broadening wedge can be seen forming.

While both chart formations are generally perceived as bullish, tomorrow's trading video will scrutinise this structure and break down the possibilities for what lies ahead for cryptocurrency markets.

See you again for the next update.

- q


Thirsty for more reading? Tap the image below to read our latest technical deep-dive into one of the most exciting developments in blockchain technology and find out why Rollups are the future of scaling blockchains šŸ‘‡


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The information on this website is for general information purposes only. It is not intended as legal, financial and/or investment advice and should not be construed and/or relied on as such. Before making any commitment of a legal and/or financial nature you should seek advice from a qualified and registered legal practitioner and/or financial and/or investment adviser. No material contained within this website should be construed or relied upon as providing recommendations in relation to any legal and/or financial product. Qluster does not recommend and/or endorse products and does not receive remuneration based upon investment and/or other decisionsĀ 

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Bon-Voyager! BTC Bailouts Continue, Technical Outlook, Edition #218 (23/06/2022)
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