Pit Stop or Top
Bitcoin sells off as banking fears dwindle
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
Crypto News
DAO token holders are plausibly liable, judge rules in bZx class action (The Block)
Binance would never 'trade against users to their detriment,' top exec says (The Block)
XRP Surges to Five-Month High as Some Point to Bitcoin Commodities Mention(CoinDesk)
CFTC-Binance Lawsuit Could Worsen Crypto Market Liquidity, Pull Bitcoin Down to $25K: Observers (CoinDesk)
SBF banned from using online messengers under new bail agreement (CoinTelegraph)
China to upgrade national blockchain standards by 2025 (CoinTelegraph)
US Bank Regulators Waging Secret War on Crypto Says Law Firm (Blockworks)
Circle Stablecoin USDC Launches On Cosmos (Blockworks)
BNB Slips Over 5% Following Binance CFTC Lawsuit(Decrypt)
Do Kwon created new company in Serbia while on the run from Interpol — and these are the lawyers who helped him (DLNews)
BTC Outlook
Unless yesterday’s lows hold this week it’s likely BTC’s price will retest $25000. This would be a technical retest of the May 12 low which acted as resistance for nearly a year long.
After weeks of banking worries and banks specifically supporting stablecoin backings seeming to be in trouble, the fed came out and raised another 25 bps. Many were expected the fed to not hike expected them to help ease the situation for these small banks. BTC actually continued to rally in the days after the fed meeting finding a local top on Friday. However, the weekend was full of selling and BTC retraced the last 10 days of upward price action.
There is little expected news this week especially concerning the fed, jobs and inflation. This gives even more creedence for continued consolidation and possibly a sell off to $25k.
Today and into this week, $26,500 will be the level to pay attention to (yesterday’s lows). This is currently acting as support, but has only been tested once.
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Possible Course of Action
Short rallies expecting a retest of $25k
Wait for $25k to hold as support to long
Do nothing and wait for further consolidation
The Bulls’ Defense:
Price above the 200 day MA & 50 day MA
The Bears’ Prosecution:
Fed 25 bips could continue to cause risk assets to sell off
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 checks in on ETH/BTC.
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