FG Cheat Sheet 021722
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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.
Crypto News
Stablecoin (USDC) Provider Circle Hits $9B Valuation After New SPAC Deal (Decrypt)
El Salvador’s President Calls US Senators ‘Boomers’ Over Bitcoin Bill (Blockworks)
Warren Buffett just invested $1 billion in a crypto-friendly bank (Fortune)
Charlie Munger: Crypto Is 'Like Some Venereal Disease' (Decrypt)
Intel CEO Calls Bitcoin a ‘Climate Crisis’ (Decrypt)
Twitter will allow users to send tips in Ethereum (Proactive)
Bybit Jumps Out Front With Formula One Red Bull Racing Partnership (Forbes)
Money That Won Melania Trump NFT Came From Melania Trump Wallet (Bloomberg)
Canada Sanctions 34 Crypto Wallets Tied to Trucker 'Freedom Convoy' (CoinDesk)
Colorado to Accept Crypto for State Taxes From This Summer (Crypto Briefing)
BTC Outlook
BTC continues to consolidate between $44k and $42k. We’ve been suggesting buying the dips since the last week in January. We think this is still a profitable strategy expecting a move up to $50k. However, the price could retest $38k-$40k before going higher. Watch the final days of February closely. We expect a move below $40k or up to $50k by the end of February.
Notice the cheat sheet is calling for resistance around $41.5k and then $37k if that level doesn’t hold. This is in confluence with what we see in the above chart.
See Tuesday newsletter for further details on the current inverse head and shoulders pattern we are watching
Possible Course of Action (advice from last week still holds)
Dip buying is still suggested
If long, stay long and look for a retest of $50k
Could try shorting near $50k
The Bulls’ Defense:
Inverse head and shoulders
The Bears’ Prosecution:
Major resistance at $50k
ETH Outlook
ETH is playing out exactly as we called it last week. Now we sit patiently and watch this consolidation between $3k and $3.3k. All eyes are on BTC. If BTC starts the rally ETH should come along for the ride. As with BTC expect a move back to $3.3k in the final days of February and of course this could be preceded by a dip below $2950 to test the buy side liquidity.
Possible Course of Action
Scale into a long buying dips
Do nothing and wait for more consolidation
The Bulls’ Defense:
EIP-1559 has burned $5,545,820,772 (1,852,398 ETH) so far. Supply constraints should continue to have a positive impact on price.
$3k holding as support is a show of strength and more upside is expected
The Bears’ Prosecution:
ETH price will stall out between $3.3k-$3.7k and multi-month weakness continues
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FG Cheat Sheet 021722
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