The End Of The Road
Bitcoin meets resistance at $25k
Cheat Sheet -
Support and resistance levels and our daily, weekly and monthly bias on BTC, GC, CL, ES, and NQ as well as our favorite altcoins
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What We Are Watching
We further breakdown our case for these cryptos here : What We Are Watching
Microsoft and Ankr partner to offer blockchain node infrastructure service (The Block)
Composable Finance CTO exits citing 'unethical management' (The Block)
Trading Platform eToro Gains New York BitLicense to Provide Crypto Services (CoinDesk)
Hundreds of Fake ChatGPT Tokens Are Luring Crypto Punters, Majority Issued on BNB Chain (CoinDesk)
Hope Finance exploit results in $2M stolen from users’ funds (CoinTelegraph)
Blur Still Sees Record NFT Volumes Even After Crypto Airdrop (Blockworks)
Crypto Fund Galois Winds Down After Losing 50% of Funds To FTX (Blockworks)
MATIC Dropping as Polygon Labs Slashes Headcount By 20% (Decrypt)
Stacks Token Soars on the Week Amid Bitcoin NFT Hype (Decrypt)
Hong Kong Mulls Reopening Crypto Trading for Retail Investors (Decrypt)
It looks like Bitcoin is going to start the week by retesting the February monthly opening price. We are looking at the CME Bitcoin futures chart this morning because it most clearly demonstrates this local top that has formed. On the CME Bitcoin’s price went to $25300 twice over the past week and has met resistance. The neckline for this double top is likely the february open near where the price is currently hovering. A breakdown below this neckline could see Bitcoin retesting the February lows near $21500.
The daily and weekly supports for the cheat sheet are around $24300 which may be tested by the time this article is published. If these levels fail to act as resistance then next support is around $23000 and under that is a lot of air until $20k.
What happens if the double top doesn’t play out and Bitcoin finds support at the february open? Most likely some fireworks to the upside. Though, I remain caution until Bitcoin can break above $25300 and hold it as support. This level has been acting as strong resistance so it must be broken is a decisive manner.
With US equities showing weakness and the market focused on earnings, cpi, and the fed Bitcoin could continue to trade in a range going into the end of the month between $23k and $25k.
We will be paying close attention to these key support and resistance levels this week. Join us in discord where we actively discuss markets and where Bitcoin could be headed next.
Possible Course of Action
Do nothing wait for Bitcoin to rise above $25.3k and hold it as support before buying
Short expecting a retest of $23k ($20k in the extreme case)
Do nothing and wait for $23k or $20k to act as support before buying
The Bulls’ Defense:
Currently holding February open as support
The Bears’ Prosecution:
Double top at $25.3k
A Closer Look
This section will be focused on taking a closer look on what Hal thinks is important to watch in the coming week.
This morning Hal looks at the NASDAQ 100.
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