Crabby Crypto Crawl
The volatility squeeze continues
Cheat Sheet -
Support and resistance levels and our daily, weekly and monthly bias on BTC, ETH, OIL, ES, and NQ as well as our favorite altcoins.
Cosmos' largest DEX Osmosis launches a stableswap (The Block)
Nomad to restart bridge after $190 million hack in August (The Block)
Bitmex now lets you bet on Ethereum's daily staking rewards (The Block)
Feds investigating FTX founder SBF for possible market manipulation (The Block)
Mr. Bankman-Fried Must Go to Washington (CoinDesk)
Hong Kong Amends Finance Law to Incorporate Crypto Firms (CoinDesk)
Crypto Lender Celsius' Bankruptcy Judge Orders It to Return $50M of Crypto to Custody Account Holders (CoinDesk)
More than 90% of consumers are curious about the Metaverse (CoinTelegraph)
Major Game Studios Still Aren’t Sold on NFTs (Blockworks)
Institutions To Tokenize $25B in Off-chain Assets in 2023, VanEck Execs Predict (Blockworks)
Kim Kardashian, Floyd Mayweather EthereumMax Lawsuit Dismissed (Decrypt)
Coinbase CEO Says Revenue Will Be ‘Half or Less’ of Last Year’s (Decrypt)
NYC Prosecutors Probing SBF's Role in TerraUSD Collapse (Decrypt)
Well since BTC price is just grinding sideways this week with diminishing volatility the only the to really talk about are candlestick patterns. If you didn’t watch (or listen) to yesterday’s Mid-Week Update, Hal discussed the potential of an outsider reversal forming.
At the time of writing this, with the US stock market still not opened for the day, BTC price appears to be going know where. In fact it is now producing the only other possible outcome to what Hal described yesterday. It’s currently making a daily candle that both the high and low ranges are within yesterday’s candle. This is called an inside candle and hints at a coiling market ready to break out. It’s rare for these candles to form and hints at potential buying support around the $16600-800 level .
We will be watching for the reaction to the US stock market open. It is hard to imagine a scenario where stocks continue to sell off and BTC is able to rise back above $17000.
Join us in discord where we will continue to monitor if BTC can find support at $16600.
Possible Course of Action
Do nothing and wait for a break out of breakdown of this current consolidation
The Bulls’ Defense:
Potential bull flag forming
The Bears’ Prosecution:
$17k acting as resistance
US stock market uncertainty
A Closer Look
This section will be focused on taking a closer look on what Hal thinks is important to watch in the coming week.
This morning Hal discusses the tail that wags the dog.
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