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CHEAT SHEET
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What We Are Watching
We further breakdown our case for these cryptos here : What We Are Watching
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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
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