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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.
Crypto News
Pantera Capital CIO: 50% Of World’s Financial Transactions Might Involve Ethereum (ETH) in 10 Years
Polygon Launches ‘Plonky2’, A Major Step Towards Ethereum Scaling
Billionaire Investor Bill Miller Now Has 50% of His Personal Wealth in Bitcoin
Bitcoin miners show strength as hashrate holds despite price action
Two Golden State Warrior Players To Receive A Bitcoin Salary
BTC Outlook
We think BTC has a chance at a relief rally this week. The price may rise to retest the bottom trendline. If BTC continues to follow near this bottom trendline in the coming months except the price to stay between 40k and 60k until Q2 or summer.
Also, if you go look at ALT/BTC pairs you’ll see that over the past few days altcoins have been selling off while BTC has gone up slightly. This is most likely people capturing gains and locking them into what they perceive as “cheap” BTC.
Possible Course of Action
If you were long since pre-10k this would be a place to consider scaling out
Could open a long here excepting a retest of $45-50k
The Bulls’ Defense:
The price is currently holding the long term rising floor.
The Bears’ Prosecution:
Price broke down from month long consolidation (teal rectangle).
Multi-month 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 fell through the long term trend line like a rock. However, it appears to have stopped right inside what we call the “Fibonacci Golden Pocket” (shown in red). If you are a long time Foot Guns' reader you’ll know that we like these spots for buying. Historically, this is a good buy zone anticipating a short-mid term turn around.
Possible Course of Action
Do nothing (wait for consolidation)
Could look to open a long here betting on this golden pocket
We wouldn’t recommend shorting since the price has already fallen so much
The Bulls’ Defense:
EIP-1559 has burned $4,681,873,372 (1,376,208 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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