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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.
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BTC Outlook
The BTC price was hugging this bottom trend line until a sell off during the US holiday weekend. Expect the price to range between $37.5k and $45k. We’d still recommend not trying to bottom pick if the price breaks down from this rectangle again. According to the cheat sheet ~$35k is the monthly support.
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 near the long term rising floor.
The Bears’ Prosecution:
Price broke down from month long consolidation (teal rectangle). On the verge of breaking down from second smaller 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’s price bounced off the 0.618 fib level and stalled out at the 0.5 fib level keeping the price within the Fibonacci golden pocket we described last week. Currently, the bears are hoping for a lower low and the bulls are hoping for a higher low as a show of strength. We’d recommend sitting on the sidelines and waiting for a bounce of for the price to fall through the 0.618 fib level (bottom red line).
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 $4,822,552,018 (1,548,391 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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