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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.

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Will Clemente @WClementeIII

GM

1:36 PM ∙ Jan 4, 2022

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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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gm- “expressing good wishes on meeting or parting during the morning the internet.”