FG Cheat Sheet 010422
Bitcoin rises 1.69% overnight
Don’t miss last weeks NYE podcast special
CHEAT SHEET
What We Are Watching
We further breakdown our case for these cryptos here : What We Are Watching
Are you buying these tokens? Did you read our guide on how to buy them on Sushiswap and Uniswap? Got questions? Leave them in the comments.
Crypto News
A data-driven exploration into why crypto is a lot different today than in 2017
How Bitcoin Is Giving Elderly El Salvadorians A Reason To Smile -Forbes
Melania Trump wishes BTC a Happy Birthday
Latin America to Become The 2022 Bitcoin Mining Giant
59 Companies and Several Countries Are Holding A Total of 1.49 Million BTC
Italy Top Bank, Banca Generali Adds Support For Bitcoin
Nearly $34 Billion Worth of ETH Locked in the Ethereum 2.0 Deposit Contract
Ethereum Community Proposed New Sharding Plan
BTC Outlook
BTC has officially spent a month in this consolidation pattern. We are biased still to the price staying in this box. One of the reasons is the altcoin markets are catching a bid still. There’s still buyers in the crypto market they just don’t care about BTC as long as it is above $45k.
Except this orange down trend to break at some point an a retest of $50k. It tends to be a bad idea to short support. So, you could go long here and try another short near $50k.
Possible Course of Action
If you shorted at $51k you should probably close this
Pick up a long on a breakout of the orange down trend
The Bulls’ Defense:
The price holding above $46 as support would be a show of strength and an indication that buyers are present between $45-$46k
The Bears’ Prosecution:
Price was unable to breakout of rectangle. Could be a bull trap.
Multi-week downtrend could continue. $50k has been rejected multiple times. $40k would be next major support. Based on recent price action it’s possible $30k is wicked to again on some exchanges.
ETH Outlook
ETH’s current setup looks similar to last September. We are bullish bias here and expect ETH to have a larger price movement to BTC if both breakout of their mid term down trends.
Possible Course of Action
Do nothing
Could look to open a long here or at the bottom of this wedge
The Bulls’ Defense:
EIP-1559 has burned $5,210,735,207 (1,349,567 ETH) so far. Supply constraints should continue to have a positive impact on price.
Falling Wedge Pattern has Bullish Bias
The Bears’ Prosecution:
Continuation of multi-week downtrend and consolidation
Please don’t forget to like (heart button at bottom) and share this post!
gm- “expressing good wishes on meeting or parting during the morning the internet.”
