FG Cheat Sheet 022422

Ukraine: Russia is invading

Feb 24, 2022

Don’t miss this weeks private podcast where Boomer and Hal discuss DAOs, Ukraine, insights into reading the cheat sheet and what they are trading.

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CHEAT SHEET

Pink = Bearish, Blue = Bullish, Orange = Neutral since the date given in “Bias Since”. Support levels are where the price could bounce when falling and Resistance levels are where the price could stop if rising. The black outlined boxes show the price at the time of cheat sheet creation. You can find more details on how to read the cheat sheet here.

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

Someone just payed 200 eth in gas (not mint price just pure gas) on the Tubby Cats mint (Twitter)
Digital asset investment firm Valkyrie brings first protocol treasury management service to market (Blockworks)
Investors Can Now Buy Home Equity Slices Via Fractionalized NFTs (Blockworks)
Worldspark Studios Raises $3M for NFT Games From Riot, Bungie Veterans (Decrypt)
Over $200 billion in value has been wiped out of the crypto market after Russia launched a full-blown military attack (Crypto Briefing)
Terra Raises $1 Billion for an Emergency Bitcoin Reserve (Crypto Briefing)
Regulator in Canada Warns Crypto Exchanges Not to Promote Self-Custodial Wallets (CoinDesk)

BTC Outlook

If you missed the news last night Russia started bombing the Ukraine. This is tragic.

The Bitcoin price responded by dropping rapidly and eventually finding support at $35k. BTC’s price is holding steady at this $35k level this morning. The bullish case would require this level (or anything about $33k) to hold and then any price rise would create a double bottom. This technical pattern would give traders and short term buyers the confidence to come back in.

We are cautious market participants here. Hal has a bit more stables than usual and opened an AVAX short against his BTC position as a hedge. Yesterdays sell off wasn’t enough to flip the cheat sheet bearish, but we suggest caution using any indicators or tools right now because the cheat sheet cannot predict the impact on price for such large events like Russian invasion. There’s probably a buying opportunity soon. The cheat sheet shows $20k as the support on the monthly so save some cash if we in case we go that way.

Possible Course of Action (advice from last week still holds)

Cautious dip buying
Cautiously short any rallies
Do nothing and wait for consolidation (peace)

The Bulls’ Defense:

Potential setup for double bottom

The Bears’ Prosecution:

BTC short term double top
Russia invasion of Ukraine causing global uncertainty in risk assets

ETH Outlook

ETH continues it’s correlated moves along side BTC with higher magnitude swings. The chart is looking even more similar to BTC after the recent sell off and all eyes are on the orange coin and Russia. Just as with BTC this could be a buying opportunity if $2200 is able to hold as support creating a technical double bottom. Proceed with caution. No matter if short or long we’d suggested trading with smaller position size than usual.

Possible Course of Action

Caution, sit on side lines and watch
Bid dips with small longs
Fade rallies with small shorts