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CHEAT SHEET

Altcoins We Are Watching

Crypto News

• Coinbase 'Increasing Transparency' for New Listings with Q2 Asset Roadmap (Decrypt)

• Indian crypto exchanges’ volume plunges as 30% tax goes into effect (Cointelegraph)

• Ariana Grande’s fundraiser for trans visibility adds crypto option (Cointelegraph)

• Leading centralized exchanges extend market share in 2022 (Cointelegraph)

• Fortnite Developer Epic Games Gets $2B From Sony, KIRKB to Drive Metaverse Efforts (Blockworks)

• Bitcoin Now Legal Tender in Special Economic Zone of Honduras (Blockworks)

• New York Senate Authorizes NYDFS to 'Assess' Crypto Companies (CoinDesk)

• Luna Foundation Guard Holds Almost 40,000 BTC After Weekend Purchase (CoinDesk)

• SHIB, SOL, Polygon’s MATIC, and Compound’s COMP tokens were added to Robinhood Crypto, the platform's crypto-focused trading platform (CoinDesk)

BTC Outlook

Using our valuation model, we’ve derived using last years trading ranges, BTC has moved back down into the undervalued region. We had suggested a stop loss at $42k if you had been long from $38k in March. Yesterday’s rapid sell off found a short-term bottom near the rising support made by the March lows. This was about -6.5% from our suggested stop loss and the price is currently -3.5% below $42k. Bids at or under this pink line look like a good place to buy in. The opportunity to short is most likely gone or at least not nearly as good of a risk reward as shorting above $45k. However, with the uncertainty in markets around inflation keeping cash or stablecoins around to buy the dips would be prudent.

Possible Course of Action

• Do nothing wait to buy breakdowns of this pink line

• Short rises above $42k

The Bulls’ Defense:

• Higher lows show a sign of support

The Bears’ Prosecution:

• Price could break the rising lows

ETH Outlook

ETH appears to be hunting for a local bottom after the rise to $3500 through March. After a quick dip below $3000 yesterday evening the price has quickly recovered to near $3100. If this is a local bottom, we’d expect a recovery rally to $3300. As with BTC expect volatile and uncertain markets in the next few trading days as many digest the CPI numbers. Pay close attention to the cheat sheet support levels in the coming days to look for good places to buy in or scale out at resistance.

Possible Course of Action

• Long dips here expecting a retest of $3300

• Do nothing, wait for dead cat bounce to play out

• Short near $3300 expecting a resistance

The Bulls’ Defense:

• EIP-1559 has burned $6,409,042,856 (2,107,281 ETH) so far. Supply constraints should continue to have a positive impact on price.

• Falling down trend from yesterday broken

The Bears’ Prosecution:

• Dead Cat Bounce

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