Don’t miss last weeks podcast. Hal, Boomer and Wasabi discuss the ongoing conflict in the Ukraine. Hal nails the Bitcoin price action.
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
Tencent files for patent related to virtual concerts in Metaverse (CoinTelegraph)
Former ConsenSys employees file for audit claiming ‘serious irregularities’ (CoinTelegraph)
Demand for customized blockchain courses in major Indian educational institutions is rising sharply (Aliens)
Ukraine Government Cancels Airdrop Ahead of Scheduled Snapshot (CoinDesk)
Digital Ruble Likely To Help Russia Move Away From US Dollar, Economists Say (BlockWorks)
CME Group To Roll Out Micro Bitcoin, Ether Options (BlockWorks)
Zynga Exec Sees ‘Huge Opportunity’ for NFT Integration Into Traditional Gaming (BlockWorks)
SEC Targets NFT Creators, Marketplaces Over ICO-Like Sales: Report (Decrypt)
BTC Outlook
Bitcoin is currently forming a Bull Flag after the steep climb up from $35k. I was expecting the price to stay on the bottom side of this flag longer. However, coming into the stock market open the price began to rally. Watch for more consolidation inside of this flag and buying the bottom side of the flag near $43k looks like a good bet.
Hal is still holding spot with a small short that is under water. If $43.6k holds as support today then we will most likely break out to the upside of this flag and test the February high.
Possible Course of Action (advice from last week still holds)
Buy the bottom side of the flag
Look to short near $47k-$50k
The Bulls’ Defense:
Bull Flag
The Bears’ Prosecution:
Failure to break February highs would create a double top
ETH Outlook
Nothing has changed since Tuesday :
“ETH continues to trade correlated to BTC but with more downside and less upside. You can see a double bottom has formed but unlike BTC which has rallied forming a W with a horizontal neckline, ETH has formed a W pattern with a downward sloping neckline. It is still possible for a bullish breakout but expect BTC to continue to outperform in the short term. Many altcoins are experiencing this same behavior with the exception of a few (FTM, LUNA).”
Possible Course of Action
Get long betting on a breakout from this W neckline
Fade rallies with small shorts
The Bulls’ Defense:
EIP-1559 has burned $5,660,022,254 (1,940,417 ETH) so far. Supply constraints should continue to have a positive impact on price.
Double bottom, W
The Bears’ Prosecution:
Russia invasion of Ukraine causing global uncertainty in risk assets
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