#7 A New Hope
Is this the start of a new trend or maybe it's a trap?
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CHEAT SHEET
(You can print this out at work to follow along. Your boss just bought Bitcoin for the first time yesterday on CashApp at resistance.)
What We Are Watching
Send us emails or write in the comments questions you have about why we like these tokens or what you’d like to hear more about.
We further breakdown our case for these cryptos here : What We Are Watching
News About What We Are Watching
Goldman Sachs files with SEC to create a 'DeFi and Blockchain Equity ETF'
SUSHI - No note worthy SUSHI news today aside from the Goldman Sachs ETF.
LUNA - LUNA is now supported on @CelsiusNetwork
MATIC - Polygon has released their developer API on Ankr
AAVE -
Want to make $10k in AAVE? Tell your nerd friend AAVE is hiring a senior back end dev to work on their new decentralized social media platform.
TAKE ME TO (BTC) MAXI TOWN
Wow what a day yesterday. The price wicked up through daily resistance and rapidly fell through daily support. Today we are back at the 200 day EMA testing it again. If the daily does not close green we’d expect another pull back toward the yearly open $28,945. If the price can stay above the 200 day EMA the next key level is the January high at $41,913 we expect this to act as resistance.
Possible Course of Action
If you are long still continue to hold and possibly scale out at Daily resistance levels
The Daily resistance have also been presenting great shorting opportunities though yesterday you’d have to have traded the short on an hourly timeframe. If the price can’t hold about the 200 day EMA here a bigger short may present itself that could take a few weeks to play out.
Price Action Summary
The Bulls’ Defense:
Price is back above 200 Day Moving Average
Volume is growing with the new trend
Bounced off support yesterday
The Bears’ Prosecution:
Price craps out and falls back below 200 Day Moving Average
Recent News
He DIDNT SELL!! Serious news for the Maxi’s their nervous can be calm for another quarter… Tesla announces they didn’t sell their Bitcoin.
We are really not a fan of trading the news. A rumor was being spread yesterday that Amazon would be accepting Bitcoin as payment. FAKE NEWS!
Our favorite Bitcoin Jokester does it again after the massive short term pull back
ETH SHY BOY ZONE
Same story as yesterday though holy shit what a wild ride yesterday. We are looking for confirmation of either a bearish engulfing or bullish engulfing outside reversal. So far it’s looking like the bull have it but it’s important that this candle closes to confirm the pattern. What is looking like a solid candle body could end the day as a wick.
Possible Course of Action
If you are on the sidelines wait for today’s candle to close. Then just go long if it’s a green day and sell short if it’s red (wait for the candle to close!!!!). After you do this look to exit the trade just below the resistance (bullish) or just above the support (bearish).
If you are already in a long be ready to exit the trade if today’s candle closes red.
The Bulls’ Defense:
Short term upward trend continues and probability of bullish engulfing outside reversal.
W pattern on the Daily points to $3000 ETH in the near term.
The Bears’ Prosecution:
Price hit $2500 support and fell rapidly after approaching this level.
Mid term down trend continues and probability of bearish engulfing outside reversal.
Recent News
Ethereum founder Vitalik Buterin to be paid in ether for role as monocle-wearing Lord Catsington in Mila Kunis' NFT animated series 'Stoner Cats'
A betting market has been created currently predicting 75% chance EIP-1559 will be implemented live on Ethereum mainnet by 10 AM ET on August 5, 2021
This is not news but if you want to learn more about ETH 2.0 from the Ethereum Foundation itself.
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